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AMERIWOOD SPECIAL COMMITTEE COMPLETES REVIEW OF LEGALITY OF DAY TRUST PROPOSAL

 AMERIWOOD SPECIAL COMMITTEE COMPLETES REVIEW OF LEGALITY
 OF DAY TRUST PROPOSAL
 GRAND RAPIDS, Mich., Oct. 27 /PRNewswire/ -- The Special Committee of Ameriwood Industries International Corporation (NASDAQ: AWII), after discussions with the Willametta K. Day Trust and further review, has concluded that the "serious legal obstacles" that the Trust identified in its Oct. 1, 1992, letter to the Ameriwood board of directors need not prevent Ameriwood from consummating a transaction with the Day Trust.
 Accordingly the Special Committee will soon retain a financial adviser to evaluate the Trust's $21 per share cash offer for Ameriwood's common stock.
 The Special Committee and the Trust are negotiating a confidentiality agreement that will permit the Day Trust at an appropriate time to perform a "due diligence" review of Ameriwood.
 While the Special Committee will explore whether a mutually satisfactory transaction with the Day Trust is possible, the committee emphasized that its arrangements with the Day Trust do not prevent it from considering or proceeding with a transaction other than the present offer from the Day Trust.
 Finally, the Special Committee announces that it has been empowered by the Ameriwood board of directors to negotiate and approve management retention agreements with 12 senior Ameriwood employees. The Special Committee anticipates that in the near future it will be able to approve these agreements in principle. The committee regards the morale of all Ameriwood employees as a matter of fundamental concern.
 Ameriwood, headquartered in Grand Rapids, is one of the country's largest producers of ready-to-assemble furniture and a leading supplier of stereo speaker cabinets to original equipment manufacturers of consumer electronics. The company has facilities in Grand Rapids and Dowagiac, Mich., and Tiffin, Ohio.
 -0- 10/27/92
 /CONTACT: Joel Seligman, 313-764-9345, for Ameriwood/
 (AWII) CO: Ameriwood Industries International Corporation ST: Michigan IN: SU:


KE-SM -- DE034 -- 5702 10/27/92 18:22 EST
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Publication:PR Newswire
Date:Oct 27, 1992
Words:306
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