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ANAGO ATTEMPTS TO BLOCK 'HOSTILE TAKEOVER' WITH LAWSUIT

 ANAGO ATTEMPTS TO BLOCK 'HOSTILE TAKEOVER' WITH LAWSUIT
 FORT WORTH, Texas, Feb. 10 /PRNewswire/ -- Anago, Inc., a privately held manufacturer of disposable medical products, headquartered in Fort Worth, announced today that publicly held Tecnol Medical Products recently attempted the "hostile takeover" of Anago. On Feb. 7, 1992, Tecnol Medical Products proposed to acquire Anago, Inc. for $14 million in cash and stock. In a press release last week, Tecnol stated the price includes the company's already-owned shares of Anago and that the stock payment would be based on the current value of Tecnol shares, which closed on Friday, Feb. 7 at 18-1/4. The Anago board and its legal counsel believe the methods of Tecnol and the parties affiliated with Tecnol used to acquire Anago shares are in violation of various laws and contractual obligations.
 "We believe this hostile takeover attempt has been motivated by the significant inroads Anago has made during the last few years into several of Tecnol's primary markets," explained Timothy J. McKibben, chairman of the board and president of Anago, Inc. "This lawsuit has been filed in order to try to enjoin this hostile takeover attempt with a view towards seeing that common shareholder value is ultimately maximized and that healthy market competition is preserved," McKibben continued. "This lawsuit is also designed to neutralize the shares of Anago that Tecnol has acquired. The Anago board is fully in control of the company and existing management continues in place."
 On Feb. 7, 1992, Anago filed suit against Tecnol and other parties in the United States District Court for the Northern District of Texas, claiming among other things:
 -- Violation of the Clayton Anti-Trust Act
 -- Securities law violations under the Williams Act
 -- Wrongful disclosure of confidential information
 -- Breach of fiduciary duty
 "Our financial position is strong and we are very capable of pursuing our legal claims against Tecnol and defending our position on these matters. We are working towards halting and reversing the Tecnol purchase of Anago shares," McKibben concluded.
 Anago, Inc. develops, manufactures and markets disposable medical products, primarily for use in hospital operating rooms. The company's principle product groups include surgical face masks, high filtration isolation masks, cold therapy products, operating room apparel and orthopedic surgical extremity drapes. The company's products are sold to more than 2,000 hospitals through more than 130 nonexclusive medical supply distributors having more than 250 distribution locations. Anago employs roughly 600 individuals in its manufacturing facilities in Del Rio, Texas and Acuna, Mexico. The corporate headquarters are located in Fort Worth, Texas with 50 employees on corporate staff. In addition, Anago also designs and builds its own specialized ultrasonic equipment through in-house engineering staff located in Fort Worth. Sales are accomplished through a very specialized group of sales personnel located throughout the United States and Europe. Corporate revenues for 1992 are expected to surpass $22 million.
 -0- 2/10/92
 /CONTACT: Timothy J. McKibben, chairman of the board & president, or J. Randall Keene, CFO, 817-284-1345, both of Anago; or for additional assistance in coordination of interviews, Laura B. Smith of Laura Smith Communications, 214-380-7650, for Anago/ CO: Anago, Inc.; Tecnol Medical Products ST: Texas IN: MTC SU:


JT -- NY080 -- 8427 02/10/92 15:49 EST
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Publication:PR Newswire
Date:Feb 10, 1992
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