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HORIZON INDUSTRIES ANNOUNCES MERGER AGREEMENT WITH MOHAWK INDUSTRIES

 HORIZON INDUSTRIES ANNOUNCES MERGER AGREEMENT WITH MOHAWK INDUSTRIES
 ATLANTA, July 29 /PRNewswire/ -- Mohawk Industries, Inc. (NASDAQ-NMS: MOHK) and Horizon Industries, Inc. (NASDAQ-NMS: HRZN) today jointly announced that they had executed a definitive merger agreement providing for the previously announced acquisition of Horizon by Mohawk.
 The agreement provides for a merger of Horizon with a wholly owned subsidiary of Mohawk. In the merger, Horizon shareholders will receive $15 for each share of Horizon common stock, payable in cash and Mohawk common stock, with approximately $10 of the merger consideration for each Horizon share to be payable in cash.
 Consummation of the merger is subject to certain customary conditions, including approval by the shareholders of Horizon and certain regulatory filings and approvals. The obligation of Mohawk to complete the transaction is not contingent upon financing. Subject to regulatory clearances, the transaction is expected to be consummated in October or November 1992.
 Horizon's board approved the merger after receipt and consideration of an opinion of The First Boston Corporation that the consideration to be received by Horizon shareholders was fair from a financial point of view. With the adoption of the merger agreement, Horizon's board of directors authorized the redemption of all rights under Horizon's shareholder rights plan at the redemption price of $.01 per right, payable Aug. 24, 1992, to shareholders of record as of Aug. 10, 1992. In view of the extraordinary distribution in redemption of the rights, the board announced that its next regular quarterly dividend, if any, would be reduced by the amount of the redemption distribution.
 -0- 7/29/92
 /CONTACT: David L. Kolb of Mohawk Industries, 404-951-6000, or Peter R. Spirer of Horizon Industries, 404-629-7721/
 (HRZN MOHK) CO: Horizon Industries, Inc.; Mohawk Industries, Inc. ST: Georgia IN: TEX SU: TNM


SM-PS -- NY092 -- 4704 07/29/92 14:53 EDT
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Publication:PR Newswire
Date:Jul 29, 1992
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