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CALGENE TO CALL CONVERTIBLE PREFERRED STOCK FOR REDEMPTION

 CALGENE TO CALL CONVERTIBLE PREFERRED STOCK FOR REDEMPTION
 DAVIS, Calif., June 25 /PRNewswire/ -- Calgene Inc. (NASDAQ: CGNE) announced that it intends to call for redemption all outstanding shares of its $2.25 Convertible Exchangeable Preferred Stock. The formal notice of redemption is expected to be sent to holders on Friday, June 26. The redemption date is expected to be July 27, 1992.
 Each preferred share is convertible into 3.2787 shares of common stock at any time until 5 p.m. EDT on the redemption date. The market value of 3.2787 shares of common stock, based on the closing price of the common stock on June 24, 1992, was $42.62. The cash redemption price will be $26.575, plus dividends accruing after July 15, 1992, through the redemption date. There are approximately 1,244,000 outstanding preferred shares and approximately 18,038,000 outstanding common shares.
 Calgene expects to enter into an agreement with standby underwriters under which, if any preferred shares are not converted into common before redemption, the standby underwriters will, subject to certain conditions, purchase from Calgene the number of common shares that would have been issuable upon conversion of such redeemed preferred shares.
 -0- 6/25/92
 /CONTACT: Michael Motroni of Calgene, 916-753-6313/
 (CGNE) CO: Calgene Inc. ST: California IN: MTC SU:


JL-DG-MC -- SF003 -- 3631 06/25/92 09:01 EDT
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Publication:PR Newswire
Date:Jun 25, 1992
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