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AMERIWOOD CONFIRMS RECEIPT OF 'HIGHLY CONDITIONAL' TAKEOVER PROPOSAL

 AMERIWOOD CONFIRMS RECEIPT OF 'HIGHLY CONDITIONAL' TAKEOVER PROPOSAL
 /NOTE: This release was distributed with a different headline previously today. Please note the conditional nature of this proposal in the headline./
 GRAND RAPIDS, Mich., Oct. 2 /PRNewswire/ -- Ameriwood Industries International Corporation (NASDAQ: AWII) said its board of directors has received an unsolicited and highly conditional proposal to acquire Ameriwood. The proposal was received from Vicente Management Co. of Los Angeles on behalf of the Willametta K. Day Trust, an existing shareholder of Ameriwood. The Trust owns approximately 16 percent of Ameriwood's Common Stock, and proposes to acquire the remainder of the shares outstanding (approximately 1,700,000 shares) for $21 per share in cash.
 The proposal was reviewed by the Ameriwood directors in a telephonic conference call today, during which it was noted that the proposal was subject to many conditions, including the availability of financing. According to the Ameriwood board, the proposal itself points out that there may be "serious legal obstacles to carrying out the transaction" proposed by the Trust. The Ameriwood directors also noted that a price of $21 per Ameriwood share does not represent a meaningful premium over the current market price of Ameriwood shares.
 The Ameriwood directors instructed management to advise Vicente that Ameriwood would not at this time give Vicente access to Ameriwood's books, records and personnel to perform requested "due diligence."
 The Ameriwood board will consider the proposal further after it has had the opportunity to consult with its advisers and evaluate the consequences of the proposal to its employees and all of its shareholders.
 Ameriwood, headquartered in Grand Rapids, one of the country's largest producers of ready-to-assemble furniture, is a leading supplier of stereo speaker cabinets to original equipment manufacturers of consumer electronics. The company has facilities in Grand Rapids and Dowagiac, Mich., and Tiffin, Ohio.
 -0- 10/2/92
 /CONTACT: Joseph J. Miglore, president, 616-530-6300, or Neil L. Diver, chairman, 818-449-2323, both of Ameriwood Industries; or Gabriel Werba or Michael Carmichael of Gabriel Werba & Associates, 313-259-4947, for Ameriwood Industries/
 (AWII) CO: Ameriwood Industries International Corporation; Vicente Management
 Company; Willametta K. Day Trust ST: Michigan, California IN: SU:


KE -- DE040A -- 6276 10/02/92 19:53 EDT
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Publication:PR Newswire
Date:Oct 2, 1992
Words:364
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