SHAREHOLDER RONALD LABOW won a partial victory at Teledyne's annual meeting on Apr. 26, garnering one seat on the company's board of seven directors. LaBow, whose WHX has offered $1.2 billion to buy Teledyne, told shareholders, "we continue to believe that a combination with WHX is in the best interests of the company," and promised to press for a merger as a director. Some investors speculate that WHX, saddled with an underfunded pension fund, is eyeing Teledyne for its $928 million pension surplus. "LaBow is interested in solving his own pension problems," says Jerome Scritsimier, principle of Cameron Properties, a small shareholder. Teledyne says WHX's current offer is a "non-starter."

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