Berg Electronics Group announces extension of debt tender offer and solicitation of consents and Berg Electronics Corp. announces extension of equity tender offer.ST. LOUIS--(BUSINESS WIRE)--Nov. 29, 1995--Berg Electronics Group, Inc. (the "Company") announced today that it has extended the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of its pending offer for, and consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with with respect to, its 11-3/8% Guaranteed Senior Subordinated Debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before Due 2003 (the "Debentures") to 5:00 p.m., 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 Tuesday, January 16, 1996. The Company further announced that tenders of Debentures may be validly withdrawn at any time prior to 5:00 p.m., New York City time on Tuesday January 16, 1996. Berg Electronics Corp., the Company's parent ("Berg"), also announced today that it has extended the expiration date of its pending offer for its Series E Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. (the "Series E Preferred") to 5:00 p.m., New York City time, on Tuesday, January 16, 1996. Each of the offers and the consent solicitation with respect to the Debentures, which originally commenced on October 31, 1995, was scheduled to expire at midnight, New York City time, on Tuesday, November 28, 1995, unless extended. As a result of the extensions, security holders will be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to tender their securities and their consents with respect to the Debentures pursuant to the offers and consent solicitation until 5:00 p.m., New York City time, on Tuesday, January 16, 1996. The extensions do not amend or waive To intentionally or voluntarily relinquish a known right or engage in conduct warranting an inference that a right has been surrendered. For example, an individual is said to waive the right to bring a tort action when he or she renounces the remedy provided by law for such any terms or conditions of the offers other than the time of expiration. As of the close of business on November 28, 1995, approximately $99,950,000 aggregate principal amount of the Debentures had been tendered for purchase and not withdrawn, including approximately $15,000,000 aggregate principal amount tendered pursuant to Notices of Guaranteed Delivery. Approximately 3,067,424 shares of Series E Preferred had been tendered for purchase and not withdrawn, including one share tendered pursuant to a Notice of Guaranteed Delivery. Pricing and other information, regarding the offers may be obtained from MacKenzie Partners, Inc., the information agent for the offers, toll-free at 1-800-322-2885. CONTACT: Berg Electronics Group, Inc. Berg Electronics Corp. David M. Sindelar, 314/746-2245 or MacKenzie Partners, Inc. Stan Kay, 212/929-5940 or Kekst and Company Roy Winnick, 212/593-2655 |
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