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TENDER OFFER FOR 200,000 SHARES OF ANAGO AT $8 PER SHARE ANNOUNCED

 TENDER OFFER FOR 200,000 SHARES OF ANAGO AT $8 PER SHARE ANNOUNCED
 FORT WORTH, Texas, March 17 /PRNewswire/ -- Anago, Inc. today announced that it has entered into an agreement with Mays Acquisition Company, Inc. for Mays to make a cash tender offer for up to 200,000 shares of Anago's common stock at a price of $8 per share. The tender offer by Mays is 14 percent higher than the previous offer for the same number of shares made by Tecnol Medical Products of $7 per share on March 4, 1992. "This agreement was entered into to provide a more attractive alternative to our shareholders who seek liquidity while helping to prevent the change in control of Anago pursued by Tecnol, which is not in the best interest of all the shareholders," said Tim McKibben, chairman of Anago. The Mays offer is expected to be mailed to Anago shareholders this week.
 The board of directors strongly recommends that Anago shareholders reject the Tecnol offer as inadequate and not being in the best interests of Anago and its shareholders, employees, suppliers and customers. In making its determination, Anago's board considered various factors including the opinion of Southwest Securities, Inc. that the Tecnol offer is inadequate from a financial point of view. The board also carefully considered Anago's business strategies, current financial condition and future prospects and concluded that the Tecnol offer does not adequately reflect the long term value of the company and is not fair to all shareholders.
 Anago develops, manufactures and markets disposable medical products, primarily for use in hospital operating rooms. The company's principal product groups include surgical face masks, high filtration isolation masks, cold therapy products, operating room apparel and orthopedic surgical extremity drapes. The company's products are sold to more than 2,000 hospitals by a specialized group of company sales personnel located throughout the United States, utilizing more than 130 nonexclusive medical supply distributors with over 250 distribution locations. In addition, Anago's in-house engineering staff located in Fort Worth, Texas designs and builds its own specialized ultrasonic manufacturing equipment. Anago's corporate headquarters is located in Fort Worth, Texas and the company employs approximately 600 people in its manufacturing facilities in Del Rio, Texas and Acuna, Mexico. Corporate revenues for the fiscal year ending in November 1992 are expected to surpass $22 million.
 -0- 3/17/92
 /CONTACT: Timothy J. McKibben, president and CEO, or J. Randall Keene, vice president of finance and CFO, both of Anago, Inc., 817-284-1345/ CO: Anago, Inc.; Mays Acquisition Company, Inc. ST: Texas IN: MTC SU: TNM


PS -- NY094 -- 8957 03/17/92 17:37 EST
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Publication:PR Newswire
Date:Mar 17, 1992
Words:436
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