CTB to Explore Strategic Alternatives.Business Editors MILFORD, Ind.--(BUSINESS WIRE)--March 18, 2002 CTB CTB Council Tax Benefit (UK) CTB Coopération Technique Belge (French: Belgian Technical Cooperation) CTB Commonwealth Transportation Board (Virginia Department of Transportation) International Corp. (Nasdaq:CTBC CTBC Computer Take Back Campaign CTBC Cape Town Bridge Club (South Africa) ) announced today that it has retained a financial advisor group to develop strategic alternatives available to the Company to enhance shareholder value. Victor A. Mancinelli, president and chief executive officer, stated that, "Management's primary responsibility is optimizing shareholder value. As such, we have engaged the investment banking firms Bear, Stearns & Co. Inc. and Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. Corporation, both based in 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. , and George K. Baum & Company based in Kansas City, Missouri Kansas City is the largest city in the state of Missouri. It encompasses parts of Jackson, Clay, Cass, and Platte counties and is the anchor city of the Kansas City Metropolitan Area, the second largest in Missouri, which includes counties in both Missouri and Kansas. , to assist in developing and evaluating a number of alternatives to achieve greater shareholder value. These alternatives may include a merger or sale of the Company, or the decision to take no action." CTB undertakes no obligation to make any further announcement regarding its consideration of strategic alternatives until a final agreement has been signed or a decision not to proceed with strategic alternatives is made. About CTB CTB International Corp. is a leading designer, manufacturer and marketer of systems for the poultry, hog, egg production, and grain industries. Celebrating its 50th anniversary this year, CTB operates from facilities in the U.S.A., Europe and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. as well as through a worldwide distribution network. CTB continues to focus on its strategy of emerging as the best-cost manufacturer in the industries it serves, emphasizing its product-driven focus, expanding its global physical presence, extending its competitive advantage through accretive acquisitions Accretive Acquisition An acquisition that will increase the acquiring company's EPS. Notes: As they are expected to increase the acquiring company's future earnings, these acquisitions tend to be favorable for the company's market price. and/or other beneficial business arrangements, and enhancing its financial strength. Disclosure Regarding Forward-Looking Statements In addition to historical information, this document contains certain statements representing the Company's expectations or beliefs concerning future events. These statements are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which provides a safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for such statements. The use of words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "projects," "could," "may," "will" or similar expressions are intended to identify these statements. The forward-looking statements contained in this document include, without limitation, statements related to enhancing and optimizing shareholder value through possible merger or sale of the Company or other alternatives. They also involve certain risks and uncertainties regarding CTB International Corp.'s business and operations and the agriculture industry. The Company's actual results could differ materially from those expressed or implied by such forward-looking statements. The Company cautions that these statements are further qualified by other important factors, including, but not limited to those set forth in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filing and its other filings with the Securities and Exchange Commission. The Company undertakes no obligation to release publicly any revisions to forward-looking statements in this press release to reflect new circumstances or unanticipated events as they occur. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion