Avery Dennison Corp. Announces Final Results of Cash Tender Offer for Stimsonite Acquisition.PASADENA, Calif.--(BUSINESS WIRE)--July 9, 1999-- Avery Dennison Avery Dennison Corporation (NYSE: AVY) produces pressure-sensitive materials (such as self-adhesive labels), office products, and various paper products. R. Stanton Avery founded Avery in 1935. Avery Dennison Corporation was created in 1990 by merger of Avery and Dennison. Corp. (NYSE NYSE See: New York Stock Exchange :AVY) (PSE PSE 1. pale soft exudative pork. 2. portosystemic encephalopathy. :AVY) Friday announced that its cash tender offer for all outstanding shares of common stock of Stimsonite Corp. (Nasdaq:STIM STIM Stimulation STIM Svenska Tonsättares Internationella Musikbyrå STIM Star Trek Italia Magazine STIM Smart Transducer Interface Module (from IEEE standard 1451.1) STIM Security Through Interaction Modeling STIM Society to Increase Mobility ) expired, as scheduled, at 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 Thursday, July 8, 1999. Pursuant to the tender offer, Avery Dennison, through a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. making the offer, has accepted for purchase 8,307,660 shares of Stimsonite's outstanding common stock (which includes 807,134 shares subject to guaranty of delivery) at a purchase price of $14.75 per share. Based on information provided by LaSalle Bank, N.A. as depositary, approximately 98.4 percent of the shares of Stimsonite's common stock have been validly tendered and not withdrawn prior to the expiration of the offer. LaSalle Bank, N.A. is acting as Avery Dennison's agent in transmitting payment to tendering stockholders. Stimsonite's stockholders whose shares are held in street name should contact their brokers to verify receipt of payment. Stimsonite will be merged with a wholly owned subsidiary of Avery Dennison, and any Stimsonite shares not previously purchased in the tender offer will be converted into the right to receive $14.75 in cash, net to the seller, without interest. Completion of the merger is expected to occur on or before Monday, July 12, 1999. Avery Dennison develops, manufactures and markets innovative self-adhesive solutions for consumer products and label systems. Based in Pasadena, the company had 1998 sales of $3.5 billion and makes a wide range of products for consumer and industrial markets, including Avery-brand office products, Fasson-brand self-adhesive materials, peel-and-stick postage stamps, battery labels, automated retail tag and labeling systems, and specialty tapes and chemicals. Stimsonite Corp., based in Niles, Ill., is a leading worldwide manufacturer and marketer of reflective safety products for the transportation industry and a pioneer in microreplication technology for a diverse range of industries. Stimsonite products include raised reflective pavement markers, work zone markers, highway delineators and state-of-the-art high performance optical films for use in the construction of highway signs. In 1998, the company generated sales of $87.4 million, net income of $4.9 million, and cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses of $6.3 million. |
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