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AMERICAN PRESIDENT COMPANIES ANNOUNCES COMPLETION OF TENDER OFFER AND AN OPEN MARKET REPURCHASE PROGRAM

 AMERICAN PRESIDENT COMPANIES ANNOUNCES COMPLETION OF TENDER OFFER
 AND AN OPEN MARKET REPURCHASE PROGRAM
 OAKLAND, Calif., June 5 /PRNewswire/ -- American President Companies, Ltd. (APC) (NYSE: APS) announced today that its "Dutch Auction" tender offer for up to 2 million shares of its common stock expired at midnight, (EDT), on Thursday, June 4, 1992. Based on a preliminary count at the time of expiration, approximately 923,000 shares,including shares subject to guarantees of delivery and shares subject to receipt of additional documentation, had been tendered pursuant to the offer.
 The company intends to purchase at $44 per share all the shares tendered pursuant to the terms of the tender offer. The final number of shares to be purchased will be announced as soon as the results of the tender offer are verified. Payment for shares validly tendered will be made as promptly as practicable.
 Following the mandatory waiting period of 10 business days after expiration of the tender offer, the company plans to initiate an open market repurchase program for up to 1,077,000 shares. The company plans to repurchase the shares from time-to-time through open market and privately negotiated transactions at prices deemed appropriate by management. To complete the open market repurchase, the company plans to use available cash reserves.
 American President Companies, Ltd. provides container transportation and distribution services within and between Asia and North America through an intermodal system combining ocean, rail and truck transportation.
 -0- 6/5/92
 /CONTACT: R. K. Gausman of American President Companies, 510-272-8284/
 (APS) CO: American President Companies, Ltd. ST: California IN: TRN SU: OFR


TS -- NY006 -- 7329 06/05/92 08:47 EDT
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Publication:PR Newswire
Date:Jun 5, 1992
Words:273
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