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BANISTER TO MAKE OFFER FOR MAJESTIC CONTRACTORS

 TORONTO, Dec. 16 /PRNewswire/ -- Banister Inc. (AMEX: BAN) announced today that it will make an offer to purchase all of the outstanding common shares of Majestic Contractors Limited at a price of $6.65 per share in cash. The aggregate cost of this offer is expected to be approximately $56.5 million.
 Mr. Dick Austin, the president and chief executive officer of Banister, said that Banister has entered into a lock-up agreement with Perini Corporation, the major shareholder of Majestic Contractors, pursuant to which Perini has agreed to tender its 74 percent of the Majestic shares into Banister's offer. Among other things, the offer is conditional upon Banister completing its due diligence examination and upon not less than 90 percent of the Majestic shares being tendered.
 Banister expects that a take-over bid circular outlining the terms and conditions of its offer will be mailed to shareholders of Majestic within the next week. The offer will then be outstanding for a month.
 Mr. Austin stated that Banister is enthusiastic about the opportunities that will result from the acquisition of Majestic Contractors. Currently the outlook is favorable for pipeline construction in Canada, the United States and selected international markets. Majestic and its people are compatible with Banister's operations and a stronger company will benefit the employees, shareholders and customers.
 Banister has retained RBC Dominion Securities Limited to act as soliciting dealer for the bid.
 Banister Inc. is a Canadian based building, civil, industrial, pipeline and utility construction company with operations world-wide.
 -0- 12/16/92
 /CONTACT: E.R. Austin, president and chief executive officer, or C.N. D'Croix, vice president and chief financial officer, 416-754-8735, both of Banister/
 (BAN)


CO: Banister Inc. ST: Ontario IN: CST SU: TNM

SM -- NY016 -- 7586 12/16/92 09:20 EST
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Publication:PR Newswire
Date:Dec 16, 1992
Words:295
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