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BAKER FENTRESS ANNOUNCES ONE-FOR-FIVE NON-TRANSFERABLE RIGHTS OFFERING

 CHICAGO, July 19 /PRNewswire/ -- Directors of Baker, Fentress & Company (NYSE: BKF), a closed-end investment company, today announced the authorization of a non-transferable rights offering to its shareholders. Under the terms of the offering a shareholder may purchase on new share for each five shares the shareholder owns. The price at which shares will be sold upon exercise of rights is expected to be set at 10 percent below the market price.
 In addition, shareholders of record who subscribe to all of the shares to which they are entitled will be permitted to subscribe to additional shares not subscribed for by others in the primary subscription.
 The rights offering is subject to the effectiveness of the company's registration statement with the Securities and Exchange Commission and will be made only by means of a prospectus.
 The board set Sept. 28, 1993, as the record date. The subscription period will commence as soon as practicable following the record date and will terminate approximately 30 days later.
 Baker Fentress presently has 20,164,869 shares outstanding and net assets of about $440 million.
 -0- 7/19/93
 /CONTACT: James P. Koeneman, 312-236-9190, or Philip A. Urion, 312-346-0123, both for Baker Fentress/
 (BKF)


CO: Baker, Fentress & Company ST: Illinois IN: FIN SU: SRP

SH -- NY070 -- 3111 07/19/93 13:32 EDT
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Publication:PR Newswire
Date:Jul 19, 1993
Words:218
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