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CHICAGO MILWAUKEE CORP. ANNOUNCES STOCKHOLDER APPROVAL OF CONVERSION TO OPEN-END INVESTMENT COMPANY STATUS

 CHICAGO, May 12 /PRNewswire/ -- Chicago Milwaukee Corp. (NYSE: CHG) announced today that its stockholders have approved a proposal to convert the company from a closed-end investment company to an open-end investment company under the Investment Company Act of 1940.
 The conversion to open-end status will be preceded by a number of related transactions, including the redemption of all outstanding shares of the company's preferred stock on June 16, 1993, and the distribution of all of the stock of Milwaukee Land Company to the holders of the company's common stock, which distribution will be made shortly after the redemption. The company anticipates that the conversion will be effective by early July 1993 following the consummation of all such related transactions.
 The company also announced that its stockholders have approved a proposal to reincorporate the company from the state of Delaware to the state of Maryland.
 -0- 5/12/93
 /CONTACT: Laura Havel of Dragonette, Inc., 312-565-4300, for Chicago Milwaukee; or Leon F. Fiorentino of Chicago Milwaukee, 312-822-0400/
 (CHG)


CO: Chicago Milwaukee Corp. ST: Illinois IN: SU:

GK -- NY068 -- 7613 05/12/93 13:08 EDT
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Publication:PR Newswire
Date:May 12, 1993
Words:184
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