KATY INDUSTRIES, INC.
ELGIN, Ill., Dec. 6 /PRNewswire/ -- Katy Industries, Inc. (NYSE: KT) announced today that its Board of Directors authorized the Special Committee of the Board of Directors previously established, with the assistance of the Special Committee's current advisors, to explore and evaluate the $28.00 per share proposal of Steinhardt Enterprises, Inc. and Pensler Capital Corp. (Steinhardt/Pensler) which was received by Katy on Nov. 30, 1993. Katy also announced that its Board authorized the Special Committee to evaluate any other proposals which may arise. Katy stated that there is no assurance that any transaction with Steinhardt/Pensler can be achieved or, if achieved, that it could be consummated at $28.00 per share, and that in all events any such transaction would require approval of the Board of Directors, and stockholders of Katy, as appropriate. Katy also stated that, in authorizing the Special Committee to act, the Board of Directors did not resolve to sell Katy at this time. Katy also announced that its Board of Directors had declared a $.0625 per share dividend on its Common Stock payable Jan. 20, 1994 to stockholders of record at the close of business on Dec. 31, 1993. Katy Industries, Inc. is a diversified corporation with interests in industrial machinery, industrial components, and consumer products. -0- 12/6/93 /CONTACT: Paul Kurowski, of Katy Corporate Secretary in Elgin, Ill., 312-379-1121/ (KT)
CO: Katy Industries, Inc., Steinhardt Enterprises, Inc. ST: Illinois IN: MAC SU:
SP -- NY046 -- 0722 12/06/93 11:15 EST
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|Date:||Dec 6, 1993|
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