Artisan Partners Objects to Gleason Tender Offer Price.Business Editors MILWAUKEE--(BUSINESS WIRE)--January 24, 2000 Artisan Partners re-iterated in a Schedule 13D Schedule 13D An form that must be filed with the SEC under Rule 13D when a person or group acquiring more than 5% of any class of a company's shares to disclose this information within 10 days of the transaction. filing today that they will not tender shares that they beneficially own pursuant to an offer by a management-led investment group to purchase the outstanding shares of Gleason Corp. (NYSE NYSE See: New York Stock Exchange : GLE GLE Grade-Level Expectations (education) GLE Greater London Enterprise GLE Graphics Layout Engine GLE Glencairn Gold Corp (stock symbol) GLE Ground Level Enhancements GLE Grand Lodge of England ) common stock. Artisan Partners is Gleason's largest institutional shareholder, beneficially owning 1,165,200 common shares or approximately 12.15% of Gleason on behalf of its institutional clients and the Artisan Small Cap Value Fund. The tender offer, set to expire at midnight on January 27, 2000, is priced at $23.00 per share. &uot;In our opinion, this offer price is too low and is not a reasonable valuation of the company,&uot; said Scott Satterwhite, portfolio manager of the Artisan Small Cap Value Fund. &uot;Gleason is a leader in its industry, it is financially sound and has a demonstrated record of profitability and growth. We firmly believe the long-term earnings prospects of the company justify a value well in excess of $23 per share.&uot; Gleason Corp., based in Rochester, New York This article is about the city of Rochester in Monroe County. For the town in Ulster County, see Rochester, Ulster County, New York. Rochester, once known as The Flour City, and more recently as The Flower City or , is a manufacturer of gear-making machinery. Artisan Partners is an institutional investment management firm headquartered in Milwaukee, with investment offices in Atlanta and San Francisco. It manages money for large endowments, foundations and pension plans and acts as the investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and of the Artisan Funds, a family of four no-load mutual funds No-load mutual fund An open-end investment company whose shares are sold without a sales charge. There can be other distribution charges, however, such as Article 12B-1 fees. A true no-load fund has neither a sales charge nor a distribution fee. . |
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