Communication Cable Inc. has signed an Agreement and Plan of Merger with Pentair, Inc. and Pentair subsidiary.SANFORD, N.C.--(BUSINESS WIRE)--Jan. 22, 1996--Communication Cable Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CABL CABL Consolidation of Administration at Battalion Level CABL Cabling Subsystem ), a specialty electronic wire and cable manufacturer, announced today it has signed an Agreement and Plan of Merger with Pentair, Inc. and a Pentair subsidiary, providing for a merger of CCI CCI Chambre de Commerce et d'Industrie (France) CCI CAM (Complementary and Alternative Medicine) Citation Index CCI Chamber of Commerce and Industry (Western Australia) with such subsidiary at a cash price of $13.50 per share for each share of outstanding CCI common stock. Pursuant to the terms of the Merger Agreement, CCI granted to Pentair an option to purchase up to 300,000 shares of CCI common stock at $13.50, exercisable until February 22, 1996. CCI will be required to pay Pentair a $1,000,000 termination fee termination fee The one-time charge for terminating or transferring an individual retirement account. If a financial institution charges a termination fee, the fee must be spelled out in the original agreement that is signed when the account is opened. , plus expenses of up to $250,000, if CCI is acquired by another party and under certain circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . 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 merger is subject to CCI shareholder approval and certain other conditions. CCI and Pentair previously executed a non-binding letter of intent which provided for the conclusion of a merger of CCI into a subsidiary of Pentair at a cash price of $13.00 per share. CCI also has been the target of an ongoing tender offer by Kuhlman Corporation, which on January 18 increased its tender offer from $12.00 to $13.062 per share and extended the deadline for acceptance of its tender offer or withdrawal of shares previously tendered from January 22, 1996 to January 31, 1996. Kuhlman Corporation has not terminated its tender offer or its discussions with CCI. Shareholders are urged to monitor further corporate announcements. CONTACT: Communication Cable Inc., Sanford James R. Fore, 919/775-7775 |
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