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CALGENE CALLS CONVERTIBLE PREFERRED STOCK FOR REDEMPTION

 CALGENE CALLS CONVERTIBLE PREFERRED STOCK FOR REDEMPTION
 DAVIS, Calif., June 26 /PRNewswire/ -- Calgene Inc. (NASDAQ: CGNE) announced that it has called for redemption all outstanding shares of its $2.25 Convertible Exchangeable Preferred Stock. The notice of redemption is being sent to holders on Friday, June 26. The redemption date will be July 27, 1992. The redemption price will be $26.575 per share, plus $.075 accrued dividend, for a total of $26.65 per share.
 Each preferred share is convertible into 3.2787 shares of common stock at any time until 5 p.m. EDT on the redemption date. Based on the last reported sale price of $12.625 per share of common stock on June 25, 1992, the market value of 3.2787 shares of common stock on that date was $41.39 per preferred share. There are approximately 1,244,000 outstanding preferred shares and approximately 18,038,000 outstanding common shares.
 Calgene has entered into a standby underwriting agreement with Paine Webber Inc. and Piper Jaffray Inc. pursuant to which, if any preferred shares are not converted to common before redemption, the standby underwriters have agreed, subject to certain conditions, to purchase from Calgene the number of common shares that would have been issuable upon conversion of such redeemed preferred shares.
 This press release does not constitute an offer to sell any securities. The shares of common stock issuable upon conversion of the shares of preferred stock or to be sold by the underwriters will be offered only by means of a prospectus.
 A notice of redemption, a copy of the prospectus and a letter of transmittal to be used to surrender shares of preferred stock for conversion or redemption are being mailed to all registered holders of the preferred stock. Additional copies are being made available to brokers for distribution to beneficial owners and to other interested persons. Copies may be obtained from the First National Bank of Boston, Shareholder Services Division, P.O. Box 1889, Mail Stop 45-02-05, Boston, MA 02105; telephone: 617-575-2700
 -0- 6/26/92
 /CONTACT: Michael Motroni of Calgene, 916-753-6313/
 (CGNE) CO: Calgene Inc. ST: California IN: SU:


MC-MM -- SF002 -- 4261 06/26/92 13:54 EDT
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Publication:PR Newswire
Date:Jun 26, 1992
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