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PUTNAM BERKLEY SUCCESSFULLY COMPLETES TENDER OFFER FOR PRICE STERN SLOAN; 95.6 PERCENT OF PRICE STERN COMMON SHARES TENDERED

 NEW YORK, June 22 /PRNewswire/ -- The Putnam Berkley Group, Inc. announced today that it has been advised by its depositary that based on a preliminary count 3,882,549 shares of Price Stern Sloan, Inc. (NASDAQ: PSSP) common stock were properly tendered and not withdrawn, including tenders by notice of guaranteed delivery, into the tender offer by PSS Acquisition Corp., a Putnam Berkley subsidiary. The tendered shares represent approximately 95.6 percent of Price Stern Sloan's 4,059,274 outstanding common shares.
 Putnam Berkley said the cash tender offer expired at midnight, New York City time, on Monday, June 21, 1993 and that it has instructed the depositary to accept and promptly pay for all properly tendered PSSP common shares. Putnam Berkley is paying $9-5/8 cash for each share of PSSP common stock.
 Putnam Berkley has agreed that its subsidiary will be merged with Price Sterns as soon as practicable and that the remaining PSSP shares not tendered will be converted in the merger into $9-5/8 cash per share.
 Price Stern Sloan, Inc., based in Los Angeles, publishes and distributes diversified lines of children's and humor books, audio and video cassettes, calendars, puzzles, games and novelty items as well as hard and soft covered books under the HPBooks name.
 The Putnam Berkley Group, Inc., a wholly owned subsidiary of MCA INC., is a publisher of adult and children's hardcover books, trade paperback and mass-market paperback books.
 -0- 6/22/93
 /CONTACT: Phyllis E. Grann of the Putnam Berkley Group, Inc., 212-951-8400, or Stanley J. Kay of MacKenzie Partners, Inc., 212-929-5940/


CO: The Putnam Berkley Group, Inc. ST: New York IN: PUB SU: OFR

LG-SM -- NY009 -- 4398 06/22/93 08:46 EDT
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Publication:PR Newswire
Date:Jun 22, 1993
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