Invensys PLC (London, England) was the subject of rumors of a takeover bid from U.S. turnaround/breakup specialist
firm Kohlberg Kravits Roberts (KKR). Invensys is the parent company of bearing manufacturer Link-Belt.
A second rumor circulating was that Allen Yurko, CEO of Invensys, would resign in favor of James Mueller. Yurko
has come under fire for his push to acquire troubled software company Baan NV and for Invensys' generally lackluster
financial performance recently. Invensys warned analysts last week that 2000 operating profits, due to acquisitions,
will fall short of 1999's results.
As a potential replacement for Yurko, Mueller is also seen as being receptive to a takeover offer.
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- by Bruce A. Carr
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