Class Action Filed Against Hagemeyer P.P.S. For Illegal Payoffs in Connection With the Purchase of Vallen Corp.

Business Editors/Financial Analysts

SAN DIEGO--(BUSINESS WIRE)--Feb. 25, 2000

Milberg Weiss (http://www.milberg.com) announces that a class action has commenced in the United States District Court for the Northern District of Georgia on behalf of persons who tendered shares of Vallen Corp. ("Vallen") (Nasdaq:VALN) to Hagemeyer P.P.S. North America Inc. and its wholly-owned subsidiary, Shield Acquisition Corp. (collectively, "Hagemeyer"), in connection with Hagemeyer's purchase of the outstanding shares of Vallen at $25.00 per share (the "Tender Offer").

The complaint charges Hagemeyer and certain of its senior executives with violations of the federal securities laws arising out of defendants' unlawful payments to senior Vallen executives to obtain their support in consummating the Tender Offer and their agreement to tender their own shares. Plaintiff alleges that by offering to pay special payments to senior Vallen executives, defendants have violated the provisions of Section 14 of the Securities Exchange Act of 1934 and the SEC regulations promulgated thereunder.

Plaintiff seeks to recover damages on behalf of all public stockholders of Vallen who tendered their common stock to defendants in the Tender Offer (the "Class"). The plaintiff is represented by several law firms, including Milberg Weiss Bershad Hynes & Lerach LLP, who have expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

If you are a member of the Class described above and wish to serve as lead plaintiff of the Class, you must, no later than 60 days from today, move the Court. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, William Lerach or Darren Robbins of Milberg Weiss at 800/449-4900 or via e-mail at [e-mail].