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ALCO STANDARD MAKES RECOMMENDED OFFER FOR ERSKINE HOUSE

 VALLEY FORGE, Pa., May 11 /PRNewswire/ -- Alco Standard Corporation (NYSE: ASN) today announced that it had reached agreement on the terms of a recommended cash offer to be made by its wholly owned subsidiary, Alco Office Products (U.K.) Plc, to acquire all of the outstanding shares of Erskine House Group PLC, a publicly held United Kingdom company.
 Erskine House owns and operates networks of office products dealers in the United States, the United Kingdom and Germany.
 Erskine House revenues for its fiscal year ended March 31, 1992, at current exchange rates, were approximately $275 million, of which $173 million related to U.S. operations, $86 million in the United Kingdom and $16 million in Germany. The offer values the outstanding shares of Erskine House at approximately 67.4 million pounds sterling, which at current exchange rates amounts to approximately $103 million.
 Following announcement of the offer in the United Kingdom, Alco Office Products (U.K.) purchased in the market 21.7 percent of the ordinary shares of Erskine House at the offer price.
 Ray B. Mundt, chairman and chief executive officer of Alco Standard, stated: "The United Kingdom is a logical next step for our office products group, and Erskine House is an ideal fit considering that it also has a significant presence in the U.S. market and complementary interests in Germany."
 Alco Office Products, the largest network of independent copier and office equipment dealers in the world, is headquartered in Valley Forge. Revenues for its fiscal year ended Sept. 30, 1992, were $1.3 billion and operating income was $105 million.
 In addition to the cash offer being made for the Erskine House shares, a loan note alternative has been offered to persons who are not U.S. persons or persons within the United States, Canada or Australia. The loan notes to be issued pursuant to the offer have not been and will not be registered under the U.S. Securities Act of 1933 (the "Securities Act") and will not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons. Terms used in this paragraph have the meanings given to them by regulation S under the Securities Act.
 The company said any inquiries concerning the offer for Erskine House should be directed to Jon Coles or John Bick of Brunswick Public Relations Limited (phone: 011-44-71-404-5959).
 Alco Standard Corporation, also headquartered in Valley Forge, is a publicly owned paper and office products distribution company with annualized revenues of $6 billion.
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 The offers referred to in this press release are not being made directly or indirectly in, or by use of the mails of, or by any means or instrumentality of interstate or foreign commerce of, or any facilities of a national securities exchange of, the United States of America, its territories and possessions, any State of the United States and the District of Columbia (the "United States"). This includes, but is not limited to, facsimile transmission, telex and telephones. Accordingly, no documents relating to the offers are being mailed or otherwise distributed or sent in or into the United States and so doing may invalidate any purported acceptance of the offers. Each Erskine House shareholder accepting the offers will be required to represent and warrant that he has not received or sent copies of any offering documents in, into or from the United States and has not utilized in connection with the offers, directly or indirectly, the mails of, any means or instrumentality (including without limitation, facsimile transmission, telex and telephone) of interstate or foreign commerce of, or any facilities of a national securities exchange of, the United States.
 /delval/
 -0- 5/11/93
 /CONTACT: David B. Kirkland of Alco Standard, 215-296-8000, or at home, 215-542-9025/
 (ASN)


CO: Alco Standard Corporation; Alco Office Products (U.K.) Plc;
 Erskine House Group PLC ST: Pennsylvania IN: SU: TNM


LJ -- PH010 -- 6962 05/11/93 10:49 EDT
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Publication:PR Newswire
Date:May 11, 1993
Words:657
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