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Cunningham Graphics shares, representing about 95.3% of the outstanding shares, had been validly tendered and not withdrawn prior to the expiration of the offer (including approximately 73,043 shares that are guaranteed to be delivered). All shares validly tendered and not withdrawn were accepted for payment, and ADP (1) (Automatic Data Processing) Synonymous with data processing (DP), electronic data processing (EDP) and information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