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AMERIWOOD TERMINATES SPECIAL COMMITTEE

 GRAND RAPIDS, Mich., Jan. 12 /PRNewswire/ -- The Special Committee of the Board of Directors of Ameriwood Industries (NASDAQ: AWII), which recently turned down a $21-per-share cash offer from the Willametta K. Day Trust to buy all of the company's outstanding shares, today was terminated by the board. The Special Committee was established to respond to the Day Trust proposal.
 The California-based Day Trust, which owns approximately 16 percent of Ameriwood's shares, is Ameriwood's largest shareowner.
 The committee had retained Kemper Securities as its financial adviser in evaluating the proposal -- originally made last Oct. 1, then revised Dec. 21.
 Upon advice from Kemper, the committee rejected the proposal as not being in the best interest of Ameriwood and its shareowners. The committee reported its conclusion to the board last Dec. 23.
 "The Special Committee has completed the task for which it was created. We appreciate the thorough way in which it discharged its assigned responsibility," Ameriwood's President and Chief Executive Officer Joseph J. Miglore said after the vote to dissolve the committee.
 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- 1/12/93
 /CONTACT: Joseph J. Miglore, president and CEO, 616-530-6300, or Neil L. Diver, chairman, 818-449-2323, both of Ameriwood Industries/
 (AWII)


CO: Ameriwood Industries; Willametta K. Day Trust ST: Michigan, California IN: SU:

JG -- DE023 -- 4228 01/12/93 17:40 EST
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Publication:PR Newswire
Date:Jan 12, 1993
Words:258
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