WHX CHIEF RONALD LABOW has spent months eyeing Teledyne and its juicy $860 million of overfunded pension assets. Now, rebuffed in a $22 per share, $1.2 billion bid for the conglomerate, LaBow has made clear his plan to launch a proxy battle. It could get ugly: LaBow hopes to persuade disgruntled investors to elect a slate of four hand-picked candidates to Teledyne's board at the Apr. 26 annual meeting, giving him a majority. His goal: the "sale or merger of Teledyne to the highest bona fide bidder." Like, say, Ronald LaBow.

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