Exx still pursuing Newcor

BLOOMFIELD HILLS, Mich. (Nov. 22)—Exx Inc. sent an open letter Nov. 6 to Newcor Inc.´s board, asking it to modify the company´s poison pill so Exx could increase its holdings to 34.99 percent from 17.49 percent and gain management control of the company by controlling three seats on the board. Exx proposed a tender offer for up to 866,000 shares of common stock at $3 per share. In documents filed with the Securities and Exchange Commission, Newcor said it is reviewing statements Exx made in the letter. The open letter was Exx´s second to the board. Exx had sent one in July, requesting it be allowed to purchase newly issued shares of common stock in order to increase its beneficial ownership to 34.84 percent. In August, Newcor´s board rejected the offer as not in the best interests of its shareholders.