Printer Friendly

BWIP HOLDING INC. FILES SECONDARY PUBLIC OFFERING OF 4,500,000 SHARES OF CLASS A COMMON STOCK

 BWIP HOLDING INC. FILES SECONDARY PUBLIC OFFERING
 OF 4,500,000 SHARES OF CLASS A COMMON STOCK
 LONG BEACH, Calif., Oct. 9 /PRNewswire/ -- BWIP Holding Inc. (NASDAQ: BWIP), the parent company for BW/IP International Inc., announced today that it has filed with the Securities and Exchange Commission a registration statement relating to a secondary public offering of its class A common stock to include all shares held by the institutional investors who acquired shares in connection with the May 1987 acquisition of the company. Of the 4,500,000 shares to be offered, 3,600,000 will be offered in the United States and 900,000 shares will be offered in a concurrent international offering outside the United States.
 The selling stockholders have also granted the underwriters an option to purchase up to an additional 450,000 shares to cover any overallotments. To the extent such option is not exercised by the underwriters, the selling stockholders have agreed to sell such shares to the company if the company so requests at the offering price, less underwriters' discount. All of the shares to be offered will be sold by selling stockholders; neither the company nor its management employees will be selling shares in the offering.
 Goldman, Sachs & Co. and Donaldson, Lufkin & Jenrette Securities Corp. will act as representatives of the U.S. underwriters with respect to the U.S. offering. Goldman, Sachs International Ltd. and Donaldson, Lufkin & Jenrette Securities Corp. will act as representatives of the international underwriters with respect to the international offering.
 It is anticipated that the offering will commence within the next 30 days. Upon completion of the offering and the exercise of the overallotment option by either the underwriters or the company, The Clayton & Dubilier Private Equity Fund II Limited Partnership is no longer expected to own any company shares.
 BW/IP International is a worldwide supplier of advanced- technology fluid transfer and control equipment, systems and services. Major product lines include highly engineered and standard centrifugal pumps, mechanical seals and seal support systems and pneumatic and hydraulic control systems for tactical missiles and aircraft.
 The company was originally formed in 1987 to acquire businesses formerly operated by Borg-Warner Corp. in a leveraged purchase by Clayton, Dubilier & Rice Inc. and BWIP's management. Clayton, Dubilier & Rice Inc. is a New York-based private investment firm.
 A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 Copies of the prospectus may be obtained from Goldman, Sachs & Co., 85 Broad St., New York, NY 10004, or from Donaldson, Lufkin & Jenrette Securities Corp., 140 Broadway, New York, NY 10005.
 -0- 10/9/92
 /CONTACT: Dan Peoples of Peoples & Co., 619-552-1456, or 310-435-3700, for BWIP Holding/
 (BWIP) CO: BWIP Holding Inc.; BW/IP International Inc.; Goldman, Sachs &
 Co.; Donaldson, Lufkin & Jenrette Securities Corp. ST: California IN: ARO SU: OFR


BP-JB -- SD001 -- 8198 10/09/92 08:15 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 9, 1992
Words:560
Previous Article:KODAK LINKS WITH WESTLIGHT TO MARKET 'PHOTO CD CATALOG' OFFERING THOUSANDS OF PHOTOS IN DIGITAL FORMAT
Next Article:NATURAL CHILD CARE RECEIVES NOTICE OF LAWSUIT
Topics:


Related Articles
BWIP HOLDING INC. WITHDRAWAL OF REGISTRATION REQUEST RELATING TO CLASS A COMMON STOCK
BWIP HOLDING FILES SECONDARY PUBLIC OFFERING OF CLASS A COMMON STOCK
BWIP HOLDING INC. ANNOUNCES 1991 EARNINGS AND SALES RESULTS
BWIP HOLDING INC. DECLARES FIRST QUARTER DIVIDEND
BWIP HOLDING INC. ANNOUNCES SECOND QUARTER SALES AND EARNINGS RESULTS
BWIP HOLDING INC. ANNOUNCES THIRD QUARTER SALES AND EARNINGS RESULTS
SECONDARY OFFERING OF BWIP HOLDING INC. CLASS A COMMON STOCK PRICED AT $24 PER SHARE
BWIP HOLDING INC. COMPLETES SECONDARY OFFERING OF CLASS A COMMON STOCK
BWIP HOLDING ANNOUNCES 1992 EARNINGS AND SALES RESULTS
BWIP HOLDING INC. ANNOUNCES SECOND QUARTER SALES AND EARNINGS RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters