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5/12/44
13,250,000 MENTIONED IN SYLVANIA-COLONIAL RADIO SALE
Syl Vania Electric Products, Inc,, has virtually completed negotiations for the purchase of all the common stock of the Colonial Radio Como ration for about ^3,250,000, payable 60 per cent in cash and the balance in its own common stock, it became known Wednesday, according to the New York Times, when a special meeting of stockholders was called for May 18 to approve an increase in au¬ thorized common stock from 905,000 to 1,200,000 shares.
It. was exolained that none of the additional authorized common shares will be required for the Colonial acquisition, but that if the stockholders approve, the coraoany will file with the Securities and Exchange Commission a registration statement covering the propos-ed sale, for cash, of part of the newly authorized shares in an amount yet to be determined.
The management of Sylvania declared that no sale of stock is essential at this time for any present need and that whether any is sold in the near future will depend upon the future decision of directors with respect to the market price of stock. As the com¬ pany* s lighting, radio and electronics business is expected to be substantially larger after the war, substantial amounts of addi¬ tional working capital will be required, it tos stated.
The reported terms for the purchase of Colonial Radio call for payment of about $1,950,000 in cash and the issuance of common stock of Sylvania Electric Products for the remaining 40 per cent of the purchase price, taken at $1.50 a share less than the market value shortly prior to consummation of the sale. As the company has 854,474 shares outstanding, the present unissued common shares total¬ ing 50,526 will be adequate to effect the purchase.
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IMPROVED AilTENNAS TO ELIMINATE TELEVISION "GHOSTS"
"• Ghosts* are now haunting television engineers and driving them almost to distraction as they try to plan television reception for crowded cities", explained Dr. Orestes H. Caldwell, editor of Electronic Industries, and former Federal Radio Commissioner, speak¬ ing before a group of 200 radio engineers at Newark, N.J, last Wednesday,
"A particular ghost which haunted us most nersistently , while we were looking in recently, came to us directly from the Waldorf Astoria Hotel", continued Dr. Caldwell, "The Waldorf, I know, doesn't ordinarily harbor ghosts, yet its great flat south wall presents an ideal reflecting surface for television waves coming from the transmitters on the Empire State and Chrysler towers,
"When these Waldorfre fleeted waves are thrown back three or four city blocks, and strike ,our antenna on top of the Grand Central Palace, they produce a second fainter television picture, overlying the main picture received by direct wave,
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