Controlling shareholders received offer for American Maize stock.

STAMFORD, Conn.--(BUSINESS WIRE)--February 27, 1995--American Maize-Products Company (ASE:AZE) announced today that it was advised by William Ziegler, III, Chairman of the Board of American Maize, that Mr. Ziegler, his sister Helen Z. Steinkraus, GIH Corp. and the trustees of certain trusts for the benefit of the Ziegler and Steinkraus families, had received a proposal, dated February 23, 1995, from Usaha Tegas sdn. bhd., a Malaysian private investment company, to acquire all of American Maize's Class B Common Stock owned by the Ziegler and Steinkraus families for $44 per share. If such proposal was accepted, Usaha Tegas would propose a merger with American Maize at a purchase price of $40.25 per share for all of American Maize's remaining stock. The Usaha Tegas proposal expires at the close of business on March 1, 1995. Usaha Tegas has made no proposal to the Company regarding an acquisition.

Mr. Ziegler, Mrs. Steinkraus and their respective families' trusts own GIH Corp. GIH Corp. owns approximately 13.4% of American Maize Class A Common Stock and approximately 47.3% of American Maize Class B Common Stock. Control of GIH Corp. is the subject of litigation pending between the Ziegler and Steinkraus families.

On February 22, 1995, American Maize and Eridania Beghin-Say, S.A. entered into a merger agreement providing for the acquisition of American Maize by EBS. The agreement provides that EBS will commence a tender offer for all outstanding shares of American Maize Common Stock at a price of $40 per share. Following the successful completion of the tender offer, a subsidiary of EBS will merge with American Maize and holders of all remaining shares of American Maize will receive $40 per share. EBS has informed the Company that it will commence the tender offer on February 28, 1995. The Board of Directors of the Company has approved the tender offer and the merger.

American Maize, based in Stamford, Connecticut, produces corn sweeteners and a variety of specialty food and industrial starches at plants in Hammond, Indiana, Decatur, Alabama, and Dimmitt, Texas. The Company also produces cigars and smokeless tobacco products at plants located in Jacksonville, Florida and Wheeling, West Virginia.

CONTACT: American Maize-Products Company, Stamford

Edward P. Norris, CFO 

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