AEP Industries announces preliminary results of self-tender offer.SOUTH HACKENSACK, N.J.--(BUSINESS WIRE)--Sept. 11, 1995--AEP Industries Inc. announced today that its offer to purchase up to 1,083,000 shares at $22.75 per share, net to the seller in cash, expired at 12:00 Midnight, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on Friday, Sept. 8, 1995. Preliminary results of the tender offer indicated that a total of approximately 2,321,000 shares had been validly tendered and not withdrawn in response to the tender offer. The company has accepted for purchase 1,083,000 shares and expect to pay the purchase price thereof as soon as is practicable following calculation of the final proration Proration A situation during a corporate action in which the available cash or shares are not sufficient to satisfy the offers tendered by shareholders. Therefore, a proportion of both cash and shares is granted for each offer tendered. factor. The preliminary proration factor is 46.7%, taking into account shares tendered by qualified odd lot holders, whose shares are not subject to proration. Shares not purchased by the company because of proration or otherwise will be returned to the tendering stockholder. Bear, Stearns & Co. Inc. is the dealer manager and The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. , N.A. is the depositary for the offer. D.F. King & Co. Inc. serves as the information agent. AEP AEP - Application Environment Profile Industries manufactures and markets low density polyethylene Low-density polyethylene (LDPE) is a thermoplastic made from oil. It was the first grade of polyethylene, produced in 1933 by Imperial Chemical Industries (ICI) using a high pressure process via free radical polymerisation [1]. plastic film products throughout the United States and in a limited number of foreign countries. Shares of the company's common stock are traded on The Nasdaq Stock Market's National Market under the symbol "AEPI." CONTACT: AEP Industries Inc. Joan Lange, 201/807-2301 |
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