Christiana EVI Weatherford Merger Approved by Stockholders; Closing Delayed Pending Floor Price of $30 for EVI Shares.MILWAUKEE--(BUSINESS WIRE)--Aug. 17, 1998--Christiana Companies Inc. (NYSE NYSE See: New York Stock Exchange :CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. ) and EVI Evi (ē`vī), in the Bible, Midianite king. Weatherford Weatherford, city (1990 pop. 14,804), seat of Parker co., N central Tex.; inc. 1856. It is in a fertile region that yields peanuts, watermelons, and peaches. Oil-field and electronic equipment are manufactured. Fort Wolters, a major helicopter center, is nearby. Inc. (NYSE:EVI) today announced their respective stockholders approved EVI Weatherford's acquisition of Christiana Christiana may refer to:
Due to the recent decline in the value of EVI Weatherford's share price, the merger transaction has been postponed until the conditions are met for Christiana's shareholders to not recognize any gain or loss on their exchange of Christiana shares for EVI common stock in the merger. To meet this requirement, EVI Weatherford's stock price must be approximately $30 per share. All other conditions required to complete the merger have been satisfied. "The postponement is solely due to a technical requirement under the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. of 1986, which requires at least 80 percent of the amount payable to the Christiana shareholders in the merger be in the form of shares of EVI common stock," said William T. Donovan, president of Christiana. "Christiana has estimated that to meet this condition, EVI's stock price must be approximately $30 per share on the date of closing." Donovan added that the deadline for completing the merger is Oct. 31, 1998, after which time either party may terminate the agreement if conditions have not been met. Currently, both companies are monitoring EVI's stock price and will close the merger on or prior to Oct. 31, 1998, if it exceeds $30 per share and all other requirements remain satisfied. After Oct. 31, 1998 either EVI or Christiana may, but will not be required to, terminate the merger agreement. Donovan also announced that C2 Inc. has received subscriptions for its stock from Christiana shareholders. As previously announced, Christiana shareholders were given an opportunity to purchase shares in C2, which will use $10.67 million of its funds to purchase a 2/3 interest in Total Logistic lo·gis·tic also lo·gis·ti·cal adj. 1. Of or relating to symbolic logic. 2. Of or relating to logistics. [Medieval Latin logisticus, of calculation Control, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The subscription agreements will be funded by cash received by Christiana shareholders in the EVI merger transaction and by additional amounts submitted by subscribing Christiana shareholders. Completion of the funding of C2 is expected to occur with the closing of the Christiana/EVI merger transaction.
CONTACT: Christiana Companies Inc.
William T. Donovan, 414/291-9000
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