Armstrong Seeks to Enjoin Sommer-Tarkett Transaction and Adds Tarkett and Marc Assa to Litigation.LANCASTER, Pa.--(BUSINESS WIRE)--July 8, 1997-- ARMSTRONG WORLD (NYSE NYSE See: New York Stock Exchange :ACK (ACKnowledgment code) The communications code sent from a receiving station to a transmitting station to indicate that it is ready to accept data. It is also used to acknowledge the error-free receipt of transmitted data. Contrast with NAK. 1. ) Armstrong World Industries Armstrong World Industries, Inc. is an international designer and manufacturer of floors, ceilings and cabinets. Based in Lancaster, Pennsylvania, Armstrong operates 39 plants in 10 countries and has approximately 13,000 employees worldwide. , Inc. announced today that it has filed a motion seeking a preliminary injunction A temporary order made by a court at the request of one party that prevents the other party from pursuing a particular course of conduct until the conclusion of a trial on the merits. A preliminary injunction is regarded as extraordinary relief. to prevent consummation of the transaction announced by Sommer Sommer is a surname, from the German and Danish word for the season "summer". It may refer to:
Armstrong seeks to enjoin To direct, require, command, or admonish. Enjoin connotes a degree of urgency, as when a court enjoins one party in a lawsuit by ordering the person to do, or refrain from doing, something to prevent permanent loss to the other party or parties. the transaction based upon, among other things, breach of a confidentiality agreement and other understandings between Armstrong and Sommer, as well as use of Armstrong's confidential information by Sommer to attract Tarkett and by Sommer and Tarkett in their negotiations to structure a transaction between themselves. The Amended Complaint amended complaint n. what results when the party suing (plaintiff or petitioner) changes the complaint he/she has filed. It must be in writing, and can be done before the complaint is served on any defendant, by agreement between the parties (usually their lawyers), alleges that Tarkett aided and abetted Sommer's fraud on Armstrong for the purpose of unjustly obtaining the benefits of that fraud. Armstrong also asks the Court to accelerate discovery so as to allow the taking of depositions and the obtaining of documents prior to the hearing on the motion for preliminary injunction. On June 9, Armstrong announced its offer of $23.00 for all the shares of Domco Inc., a Canadian flooring manufacturer whose majority shareholder is Sommer. On that date, Armstrong also said that it had been in discussions with Sommer for over 12 months about combining Armstrong and Sommer's worldwide flooring operations, and that on April 17, in response to Sommer's solicitation, Armstrong had made an offer of FF 4.5 billion for all of Sommer's flooring assets, including 100 percent of Domco. On May 26, Sommer rejected Armstrong's offer, and on May 28, Sommer and Tarkett announced their intention to combine their worldwide flooring businesses, without making any offer to Domco's minority shareholders. On July 2, Armstrong revised its offer for Domco to reduce the minimum condition required to be tendered in the offer from 66 2/3 percent to 51 percent, and has proposed to purchase new shares from Domco to meet the 51 percent threshold. Amrstrong's offer was also extended to August 15, 1997. Armstrong is a global manaufacturer and marketer of interior furnishings, including floor coverings and ceiling systems, with sales of US $2.156 billion. CONTACT: Armstrong World Industries, Inc. Cam Collova (Media), 717/ 396-2169 or Armstrong World Industries, Inc. Warren M. Posey (Investor), 717/ 396-2216 or Kekst and Company Tom Daly (Media), 212/ 521-4800 or Kekst and Company David Kronfeld (Media), 212/ 521-4800 or Idees/Dialogue Counseil Seth Goldschlager, 33/ 1-44-43-72-42 (France) or SEA Dewe Rogerson Bernhard Meising, 49/ 211-5775-903 (Germany) or NATIONAL Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Ken Cavanagh, 514/ 843-2386 (Canada) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion