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BAKER FENTRESS RIGHTS OFFERING FULLY SUBSCRIBED

 CHICAGO, Nov. 10 /PRNewswire/ -- Baker, Fentress & Company (NYSE: BKF), a closed-end fund, today announced it had successfully completed its rights offering of 4,032,974 shares to its shareholders.
 The one-for-five rights offering enabled shareholders to purchase shares at $16.9125 per share, which was 10 percent below the average of the closing New York Stock Exchange market prices on Oct. 27, 28 and 29. The offering also permitted shareholders who fully subscribed to the primary offering to oversubscribe for shares remaining after the primary subscription. The offering was oversubscribed by a wide margin, requiring allocation of the remaining available shares on a pro-rata basis.
 Today the company mailed notification to all subscribing shareholders of the amount of new shares they purchased in the offering. Shareholders who submitted cash at the estimated exercise price of $17.75 for each share requested will receive a refund of the difference between their total cash contribution and the $16.9125 per share cost of shares purchased.
 After estimated expenses, the net proceeds to the company are expected to be about $68 million.
 -0- 11/10/93
 /CONTACT: James P. Koeneman of Baker, Fentress & Co., 312-236-9190; or Phillip A. Urion of P.A. Urion Firm Inc., 312-346-0123/
 (BKF)


CO: Baker, Fentress & Company ST: Illinois IN: SU: OFR

MP -- NY064 -- 2773 11/10/93 12:47 EST
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Publication:PR Newswire
Date:Nov 10, 1993
Words:222
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