Belden & Blake Corporation shareholders approve merger.NORTH CANTON North Canton, city (1990 pop. 14,748), Stark co., NE Ohio, a suburb of Canton; settled c.1815, inc. as a city 1961. Vacuum cleaners and industrial die castings are among the city's manufactures. , Ohio--(BUSINESS WIRE)--June 19, 1997--At a special meeting held on June 19, 1997, the shareholders of Belden & Blake Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BELD BELD Braintree Electric Light Department (Massachusetts) BELD Battlefield Environment Laser Designator ) approved by a substantial majority the merger with TPG TPG Texas Pacific Group TPG Tapping TPG Transports Publics Genevois (Geneva, Switzerland public transportation) TPG Test Pattern Generator TPG TNT Post Group TPG Trésorier Payeur Général Partners II, L.P. (TPG), an affiliate of Texas Pacific Group. Under the terms of the merger agreement, Belden & Blake will become a subsidiary of TPG which will pay $27 a share for all of the common shares outstanding plus an additional amount to redeem certain options held by directors and employees. Of the shares voted, 99 percent, constituting 84 percent of the outstanding shares, were voted in favor of the merger. The merger is expected to be completed on or about June 30, 1997. Within two weeks after that date, instructions will be mailed to shareholders as to the procedures to be followed to receive payment. "We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by the opportunity to reward our long-term shareholders for their commitment and support over the past five years," said Ronald E. Huff, newly named President and Chief Financial Officer. "The overwhelmingly favorable vote by our shareholders validates our decision to merge the company," Mr. Huff continued. Ronald L. Clements, the company's new Chief Executive Officer, said, "We are extremely enthusiastic about our future opportunities and growth potential. Our primary strategy is to aggressively pursue drilling and acquisition projects in our area of operations An operational area defined by the joint force commander for land and naval forces. Areas of operation do not typically encompass the entire operational area of the joint force commander, but should be large enough for component commanders to accomplish their missions and protect their ." Belden & Blake Corporation is actively engaged in producing oil and natural gas, acquiring oil and gas properties, exploratory and development drilling and gas gathering and marketing in the Appalachian, Michigan and Illinois Basins. Texas Pacific Group, based in San Francisco and Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. , is the sponsor of TPG Partners II, L.P., of Fort Worth, a private investment partnership with capital in excess of $2 billion. The partnership specializes in corporate acquisitions in a wide range of industries. CONTACT: Belden & Blake Corporation, North Canton Charles P. Faber, 330/499-1660 FAX: 330/497-5463 |
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