BORDEN ELECTS FIVE KKR EXECUTIVES TO BOARD.
Earlier today, KKR announced the success of its exchange offer for the common shares of Borden, resulting in ownership by KKR affiliates of approximately 69.5% of Borden's now outstanding total shares. Actions to consummate the merger will be taken as soon as practicable, KKR said.
The Board realignment provides KKR with a majority of the Board membership, while maintaining, as previously announced, the membership of at least two independent directors until the merger is completed.
The new directors are: Henry R. Kravis, KKR Founding Partner and General Partner; George R. Roberts, also Founding Partner and General Partner; Clifton S. Robbins, General Partner; Scott M. Stuart, General Partner; and Alexander Navab, a KKR executive. Mr. Kravis has been elected Chairman of the Board.
Continuing as Borden directors are Frank J. Tasco, a director since 1988 and Chairman from December 1993 until today; Ervin R. Shames, President and Chief Executive Officer of Borden, and a director since June 1993; and Dr. Wilbert J. LeMelle, President, Phelps-Stokes Fund (an educational foundation) and a director since 1987.
Five Borden directors have resigned effective today: Frederick E. Henning, President and Chief Operating Officer of Woolworth Corporation; Robert P. Luciano, Chairman of the Board and Chief Executive Officer of Schering-Plough Corporation; H. Barclay Morley, former Chairman of the Board and Chief Executive Officer of Stauffer Chemical Company; John E. Sexton, Dean, New York University School of Law; and Patricia Carry Stewart, retired Vice President, the Edna McConnell Clark Foundation (a charitable foundation).
Borden, Inc. is a worldwide producer of packaged foods, non- food consumer products, and packaging and industrial products.
Nicholas Iammartino Lynn Anderson Jim Fingeroth Borden, Inc. Borden, Inc. Fred Spar 614-225-4485 614/225-7199 Kekst and Company 212-593-2655
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|Date:||Dec 21, 1994|
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