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ALDEN PRESS AND AFFILIATE OF WORLD COLOR PRESS ANNOUNCE MERGER; TENDER OFFER TO HOLDERS OF ALDEN PRESS STOCK AT $15 PER SHARE IN CASH

 CHICAGO and NEW YORK, Jan. 18 /PRNewswire/ -- The Alden Press Company (NASDAQ: ALDN) and APC Holding, Inc., a company formed at the direction of Kohlberg Kravis Roberts & Co., and which is an affiliate of World Color Press, Inc., announced their agreement for APC to acquire Alden Press for approximately $50 million in cash and assumed indebtedness under the terms of a definitive merger agreement entered into following unanimous approval by Alden Press's directors.
 World Color Press, Inc. is the largest printer of consumer magazines and the third largest printer in the nation. World Color, headquartered in New York, is also a major printer of directories, inserts, catalogues, and other commercial materials. Alden Press, based in the Chicago area, is a leading printer of specialty mail order catalogues and other direct mail materials. Following the acquisition, Alden Press will be an affiliate of World Color Press.
 "We are delighted to be joining forces to create a larger and more powerful presence in the printing industry," said Jerome Spier, president of Alden Press. "Our two companies have complementary strengths and are a natural business fit."
 "Last year we made a strategic decision to expand our work for catalogue customers," said Robert G. Burton, chairman, president, and chief executive officer of World Color Press. "This acquisition accelerates our plan and opens up exciting opportunities for further growth. Our two companies will be in a very strong position to take advantage of major technology and competitive opportunities in the printing markets," Mr. Burton said.
 Mr. Burton also stated, "We are pleased that the premier catalogue printer in America will be part of the World Color Press family."
 The merger agreement provides for a subsidiary of APC to commence promptly a cash tender offer at a price of $15 per share for all of Alden Press's outstanding shares of common stock. The tender offer will be followed as promptly as possible by a cash merger in which each share of Alden Press common stock not acquired by APC in the tender offer or otherwise will be converted into the right to receive $15 per share in cash.
 APC also stated that it had executed stock purchase agreements with certain stockholders of Alden Press to purchase a total of 4,760,000 shares of Alden Press common stock, representing approximately 64.5 percent of the outstanding shares of common stock at a price of $15 per share in cash.
 The offer is subject to, among other conditions, APC obtaining satisfactory financing and APC being able to purchase more than 50 percent of the then outstanding shares of common stock of Alden Press pursuant to the offer and the stock purchase agreements. The stock purchase agreements and merger are each subject to certain conditions.
 Alden Press, with 1992 revenues of approximately $175 million, has two printing facilities in the Midwest. World Color Press and its affiliate, Bradley Printing in Des Plaines, Ill., operate seven major production facilities and associated prepress and distribution centers, as well as sales offices throughout the United States. World Color Press and Bradley Printing combined 1992 revenues were $650 million.
 -0- 1/18/93
 /CONTACT: Gary Minnig of The Alden Press Company, 708-640-6000, or Ruth Pachman or Josh Pekarsky of Kekst and Company, 212-593-2655, for World Color/
 (ALDN)


CO: Alden Press Company; APC Holding, Inc. ST: Illinois, New York IN: PUB SU: TNM

TS -- NY009 -- 5732 01/18/93 08:56 EST
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Publication:PR Newswire
Date:Jan 18, 1993
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