FMC COMPLETES TENDER OFFER FOR MOORCO INTERNATIONAL.CHICAGO--(BUSINESS WIRE)--June 27, 1995--FMC Corporation today announced that it has completed its cash tender offer for all the outstanding shares of common stock of Moorco International Inc. at $28 per share. The offer expired, as scheduled, at 12:00 midnight New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time on Monday, June 26, 1995. Based on a preliminary count by The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. , N.A., the depositary DEPOSITARY, contracts. He with whom a deposit is confided or made. 2. It is, the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. 9 M. R. 470. for the tender offer, 11,146,705 shares were tendered and accepted for payment. This includes approximately 565,350 shares tendered pursuant to guarantees of delivery that had not yet been delivered. These tendered shares, together with the 100 shares of Moorco stock that FMC See fixed mobile convergence. currently owns, represent approximately 99 percent of the outstanding shares of Moorco common stock. As provided in the merger agreement between FMC and Moorco, Moorco redeemed its outstanding Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. Purchase Rights associated with Moorco common stock immediately before the expiration of the tender offer. The tender offer will be followed by a merger of FMC's acquisition subsidiary into Moorco, in which each Moorco share not acquired in the offer will be converted into the right to receive $28 in cash. FMC Chairman and Chief Executive Officer Robert N. Burt said: "With the successful completion of the tender offer, we can take the first steps in realizing the potential of our combined businesses. The fit that we anticipated when we first made our proposal for Moorco was confirmed in our process of negotiation and due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. . Further analysis also showed that the FMC/Moorco combination has substantial additional value based on increased sales potential, operating improvements and cost savings." FMC Corporation is one of the world's leading producers of chemicals and machinery for industry, government and agriculture. The Chicago-based company reported annual sales of $4 billion in 1994, with international sales to more than 100 countries accounting for 49 percent of total annual revenues. FMC employs 21,000 people at 97 manufacturing facilities and mines in 21 countries. The company divides its businesses into five major segments: Performance Chemicals, Industrial Chemicals, Machinery and Equipment, Defense Systems, and Precious Metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. . CONTACT: FMC Corporation Cheryl Francis, 312/861-6674 |
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