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AMERIWOOD INDUSTRIES INTERNATIONAL CORPORATION FORMS SPECIAL COMMITTEE

AMERIWOOD INDUSTRIES INTERNATIONAL CORPORATION FORMS SPECIAL COMMITTEE
 GRAND RAPIDS, Mich., Oct. 14 /PRNewswire/ -- On Oct. 5, 1992, the board of directors of Ameriwood Industries International Corporation (NASDAQ: AWII) voted to establish a committee of the full board of directors (the "Special Committee"), consisting solely of director Keith Vander Hyde, to evaluate a proposal made to the Ameriwood board by Vicente Management Company on behalf of the Williametta K. Day Trust in a letter dated Oct. 1, 1992, as subsequently amplified in a second letter dated Oct. 7, 1992. The Day Trust currently is the largest shareholder of Ameriwood, owning approximately 16 percent of its common stock.
 The Special Committee today held a meeting with its legal counsel to fully review the legal and business implications of the Day Trust proposal. At this time, the Special Committee does not regard the Oct. 1, 1992, and Oct. 7, 1992, letters as constituting an offer to Ameriwood. As the Oct. 1, 1992, letter acknowledged, there may be "serious legal obstacles to carrying out the transaction we propose."
 -0- 10/14/92
 /CONTACT: Joel Seligman, 313-764-9345, for Ameriwood Industries International Corporation/
 (AWII) CO: Ameriwood Industries International Corporation; Vicente Management
 Company; Williametta K. Day Trust ST: Michigan IN: SU:


JG -- DE014 -- 9779 10/14/92 10:48 EDT
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Publication:PR Newswire
Date:Oct 14, 1992
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