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NATIONAL INTERGROUP AND FOXMEYER ANNOUNCE JOINT TENDER OFFER FOR 3.3 MILLION SHARES OF FOXMEYER COMMON STOCK

 NATIONAL INTERGROUP AND FOXMEYER ANNOUNCE JOINT TENDER OFFER
 FOR 3.3 MILLION SHARES OF FOXMEYER COMMON STOCK
 DALLAS, Oct. 16 /PRNewswire/ -- National Intergroup, Inc. (NYSE:NII) and FoxMeyer Corporation (NYSE: FOX) announced today that they had determined to commence a joint tender offer for 3.3 million of the shares of common stock of FoxMeyer at $13.50 net in cash per share. FoxMeyer's regular quarterly dividend of $0.07 a share will be paid to all stockholders of record on Nov. 6, 1992, whether or not shares are tendered on or before such date. It is anticipated that National Intergroup and FoxMeyer will each purchase 1.65 million of the tendered FoxMeyer shares.
 National Intergroup, headquartered in Dallas, currently owns approximately 70.5 percent of the outstanding shares of FoxMeyer, one of its two primary operating subsidiaries. The offer is conditioned upon a minimum of 3.3 million shares being validly tendered and not withdrawn. If 3.3 million FoxMeyer shares are purchased by National Intergroup and FoxMeyer pursuant to the offer, National Intergroup will own approximately 80.5 percent of the outstanding shares of common stock of FoxMeyer.
 FoxMeyer is the third-largest pharmaceutical distributor in the United States, providing prescription and over-the-counter drugs, general merchandise, and health and beauty aids to its customers in 45 states. The Dallas-based company serves independent and chain pharmacies, food stores, mass merchandisers, and hospitals and other health care institutions.
 Jefferies and Co., Inc. will act as dealer-manager and Georgeson & Company Inc. will act as information agent for the offer.
 -0- 10/16/92
 /CONTACT: J. Warren Henry of FoxMeyer Corporation, 214-446-4270/
 (NII FOX) CO: National Intergroup, Inc.; FoxMeyer Corporation ST: Texas IN: MTC SU: OFR


AH -- NY020 -- 0852 10/16/92 10:20 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
Words:292
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