COOPER INDUSTRIES COMMENCES COOPER CAMERON CORPORATION EXCHANGE OFFER.HOUSTON--(BUSINESS WIRE)--May 31, 1995--Cooper Industries, Inc. (NYSE-CBE) today commenced the offer to Cooper shareholders to exchange shares of Cooper common stock for shares of common stock of Cooper Cameron Corporation, the new company that was established for the split-off of Cooper's petroleum and industrial equipment business. Under the terms of the exchange offer, Cooper shareholders will receive 2.25 common shares of Cooper Cameron Corporation for each share of common stock of Cooper Industries Cooper Industries NYSE: CBE is one of the oldest large companies in the United States, having been founded in 1833 as a partnership in Mount Vernon, Ohio. Incorporated in Ohio as The C. & G. , up to 9,500,000 Cooper shares (approximately 8 percent of the Cooper shares currently outstanding). Following the exchange offer, Cooper will hold 14.5 percent of the Cooper Cameron shares. The exchange offer is conditioned upon, among other things, a minimum of 8,550,000 shares of Cooper Common Stock being validly tendered and not withdrawn prior to the expiration of the exchange offer. The exchange offer, which is being made only by means of a prospectus, will expire at 5 p.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ) on Friday, June 30, 1995. The expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist.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. was determined in order to facilitate the quarter-end closings of both companies. Upon consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the exchange offer, Cooper Cameron Corporation will be an independent, publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. . The Cooper Cameron shares have been approved for trading on the Nasdaq National Market under the symbol "CRON." The dealer manager for the exchange offer is CS First Boston First Boston Corporation was a New York-based investment bank, founded in 1932 and acquired by Credit Suisse in 1988, when it became 'CS First Boston'. Globally referred to as Credit Suisse First Boston after 1996, the First Boston part of the name was phased out in 2006. , and the information agent is Georgeson & Company Inc. The Exchange Agent is First Chicago Trust Company of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Cooper Industries is a diversified, worldwide manufacturer of electrical products, tools and hardware, and automotive products. Cooper Cameron Corporation manufactures, markets and services machinery and equipment used in oil and gas exploration, drilling, production, transmission, storage and processing, as well as compression equipment for industrial applications. CONTACT: Cooper Industries, Inc., Ellen H. Orsburn, 713/739-5423 |
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