Printer Friendly
The Free Library
19,573,962 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

ADP Completes Tender Offer For Cunningham Graphics.


Business Editors

ROSELAND, N.J.--(BUSINESS WIRE)--June 9, 2000

Automatic Data Processing Same as data processing. , Inc. (NYSE NYSE

See: New York Stock Exchange
: AUD AUD

In currencies, this is the abbreviation for the Australian Dollar.

Notes:
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion.
) today announced that it had successfully completed its $22.00 per share cash tender offer for all outstanding shares of common stock of Cunningham Graphics International, Inc. (NASD NASD

See: National Association of Securities Dealers


NASD

See National Association of Securities Dealers (NASD).
: CGII). The tender offer expired on June 8, 2000, at 12:00 midnight, Eastern Time.

Approximately 5,491,650 Cunningham Graphics shares, representing about 95.3% of the outstanding shares, had been validly tendered and not withdrawn prior to the expiration of the offer (including approximately 73,043 shares that are guaranteed to be delivered). All shares validly tendered and not withdrawn were accepted for payment, and ADP (1) (Automatic Data Processing) Synonymous with data processing (DP), electronic data processing (EDP) and information processing.

(2) (Automatic Data Processing, Inc., Roseland, NJ, www.adp.
 will promptly pay for such shares.

ADP expects to complete the merger of Cunningham Graphics with a wholly owned subsidiary Wholly Owned Subsidiary

A subsidiary whose parent company owns 100% of its common stock.

Notes:
In other words, the parent company owns the company outright and there are no minority owners.
 of ADP within the next few days in accordance with New Jersey's short-form merger provisions. As a result of the merger, each remaining outstanding share of Cunningham Graphics will be converted into the right to receive the same $22.00 per share in cash, without interest.

ADP, with over $6 billion in revenue and more than 450,000 clients, is one of the largest independent computing services firms in the world.

This release contains "forward-looking statements" based on management's expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ from those expressed. Factors that could cause differences include: ADP's success in obtaining, retaining and selling additional services to clients; the pricing of products and services; overall economic trends, including interest rate and foreign currency trends; stock market activity; auto sales and related industry changes; employment levels; changes in technology; availability of skilled technical associates; and the impact of new acquisitions.
COPYRIGHT 2000 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2000, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:Jun 9, 2000
Words:289
Previous Article:United Airlines Cargo Signs Lease With the Alaska CargoPort-TM-.
Next Article:PlayStar Announces Counter Suit.
Topics:



Related Articles
Cunningham Graphics to be Acquired by ADP.
ADP To Acquire Cunningham Graphics.
ADP Brokerage Services Highlights Significant New Services and Partnerships at SIA Technology Conference and Exhibit.
ADP Collision Repair Services and Akzo Nobel Release Stellix Pro 3.0 With Breakthrough Features and Unsurpassed Ease-of-Use.
ADP Collision Repair Services Announces Release of Shoplink for Windows 6.2; Latest Estimating Software Introduces New Management Functions and...
Cunningham Graphics' Advanced Digital Color Solutions to be Showcased by Xerox at On-Demand 2001.
ADP Reports Record Third Fiscal Quarter; EPS Increases by 17% Prior to Non-cash Write-off.
ADP's Cunningham Graphics International Enters Into 3-Year Outsource Agreement With Prudential Securities.
ADP Reports 16% EPS Increase for Fiscal 2001; Expects 13% to 15% EPS Growth in Fiscal 2002 Before Impact of Previously Reported Non-Recurring Items.
ADP[R] Employer Services.

Terms of use | Copyright © 2012 Farlex, Inc. | Feedback | For webmasters | Submit articles