TULSA, NOV. 25 -- New York investor Asher Edelman reduced his tender offer for Telex Corp. from $65 to $55 a share today, setting a Dec. 23 deadline for shareholders to respond to his amended takeover plan.

The $10 reduction, a result of the plunge in stock prices last month, could lead to new lawsuits in the seven-week-old hostile takeover battle between Edelman's TLX Acquisition Corp. and the Tulsa-based computer products company.

Telex stock fell $.87 a share, to $48.12, on the New York Stock Exchange following the announcement. Telex had no immediate comment on the lower offer, which also reduced the number of shares sought to 10,528,000 common shares.

The original offer was for all of Telex's 14.7 million outstanding shares.

On Monday, Edelman said his group and representatives of financial institutions were discussing changing the structure of the offer, including lowering its value in the wake of major stock market declines.

The change in price could be considered a new offer, rather than an extension of the original tender offer, but that is an issue likely to be decided in the federal courts, investment analysts said.

Stephen Jatras, Telex chairman and chief executive officer, said the company's board will study the offer. He asked shareholders to defer their decision until the board has finished its evaluation.

The board expects to complete its review and contact Telex shareholders by Dec. 9, Jatras said in a statement read by company spokeswoman Julie Gentz.

Jatras said the company is continuing to prepare proxy materials regarding its own recapitalization plan. He said the preliminary proxy materials will be filed with the Securities and Exchange Commission within the next few weeks.

Telex makes computer and electronic communications equipment and audio devices. The company employs more than 8,000 people worldwide and reported annual sales of about $840.7 million last year