Circo Craft Board Recommends Acceptance of Offer by HMTF Acquisition Canada Inc.MONTREAL--(BUSINESS WIRE)--Sept. 13, 1996--CIRCO CRAFT CO. INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (ME,TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CCC CCC A very speculative grade assigned to a debt obligation by a rating agency. Such a rating indicates default or considerable doubt that interest will be paid or principal repaid. Also called Caa. ) Further to a meeting of the Board of Directors of Circo Craft yesterday evening, the Board unanimously recommended to the shareholders of Circo Craft that they accept the $11.00 per share cash offer made by HMTF HMTF Host Medical Treatment Facility HMTF Hazardous Materials Transfer Form Canada Acquisition Inc. and thus tender their shares in response to such offer unless a higher offer is made to Circo Craft before the expiry date of this offer, being September 28, 1996 at 00:01 a.m. (Montreal time). This recommendation is made in the Directors' circular which will be mailed to all shareholders on September 16, 1996. HMTF Canada Acquisition Inc. was formed by an investment fund sponsored by Hicks, Muse, Tate and Furst Incorporated for the purpose of acquiring Circo Craft and its subsidiary. Hicks, Muse is a leading private investment firm based in Dallas, Texas with offices in 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 , St. Louis and Mexico City. After deliberating on the report of its Special Committee of independent directors and the opinion of CIBC Wood Gundy CIBC Wood Gundy was created in 1988 with the purchase of Wood Gundy Inc. by CIBC. CIBC Wood Gundy is a division of CIBC World Markets. Canadian Imperial Bank of Commerce Chief Executive Officer: Gerald T. McCaughey | FY 2006 Statistics: Net income: $2. Securities Inc., financial advisor to the Special Committee, the Board of Directors concluded that the offer by HMTF Canada Acquisition was fair, from a financial point of view, and was therefore in the best interest of Circo Craft shareholders. The Board also confirmed that it had been notified by H.-K. Muhlegg, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and co-founder of Circo Craft, that he intends to accept the offer and will be tendering his common shares, unless a higher offer is made to Circo Craft prior to the expiry time of the HMTF offer. Mr. Muhlegg holds, directly and indirectly, 24.3 percent of the Company's outstanding shares. In addition, all of the other directors, senior executives and their associates have decided to accept the HMTF offer and tender their shares, also subject to a higher offer not being made prior to the expiry time of the HMTF offer. Circo Craft is a leading North American manufacturer of advanced printed circuit structures, serving major international corporations and large U.S.-based contract assembly operations in telecommunications, computer, automotive and industrial electronics. The Company's shares are traded on the Montreal and Toronto stock exchanges under the symbol CCC. CONTACT: Circo Craft Co. Inc. Madeline Gareau, 514/694-8400 |
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