In late 1994, Teledyne was subjected to a hostile takeover attempt by WHX Corporation. This was successfully challenged, but the Teledyne pension fund had a surplus of $928 million and this was of wide interest. To forestall further hostile takeovers, Allegheny Ludlum, a steel and specialty metal firm, offered to serve as a white knight friendly acquirer. On August 15, 1996, an agreement was reached to merge Teledyne with Allegheny Ludlum, forming Allegheny Teledyne, Inc. (ATI), with headquarters in Pittsburgh, Pennsylvania.