Citicorp Succeeds In Quotron Bid; 55 Per Cent Of Shares Are Tendered A Week Early

Citicorp has acquired control of Quotron Systems, Inc. Nearly a week before its $19/share tender offer was due to expire, the bank holding company said 19.1 million shares -- about 55 per cent of the total outstanding -- had been tendered. That the balance will also be tendered seems to be a foregone conclusion.

This relatively anticlimactic outcome was virtually guaranteed when Quotron's board, although calling the offer "inadequate," voted not to actively oppose the bid. Citicorp announced its