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CASCADE NATURAL GAS CORP. ADOPTS RIGHTS PLAN

 SEATTLE, March 19 /PRNewswire/ -- Cascade Natural Gas Corp. (NYSE: CGC) today announced that its board of directors adopted a shareholder rights plan. The shareholder rights plan is designed to assure that all company shareholders receive equal treatment in any unsolicited takeover of the company and to protect against partial tender offers and other coercive takeover tactics. The plan is not being adopted in response to any specific effort to acquire control of the company, and the company is not aware of any such effort.
 Stock purchase rights under the new plan will be distributed, as a dividend at the rate of one right for each common share outstanding at the close of business on the later of the 15th day after all required regulatory approvals have been obtained and the date that the New York Stock Exchange Inc. has approved the company's listing application for the rights. The rights will be represented by existing common stock certificates.
 The rights will be exercisable only if a person or a group acquires 20 percent of the company's common stock or announces a tender offer, not sanctioned by the company's board, for 30 percent of the common stock and if necessary further regulatory approvals have been obtained. When the rights become exercisable, each right (other than rights of the acquiring person or group, which become void) will entitle its holder to purchase a fractional share of a new series of preferred stock, designed to have the value of one common share. If a person or group becomes a 20-percent shareholder, each right will entitle the holder to purchase a number of common shares at a favorable price. If the company is acquired in a merger or similar transaction, each right will entitle the holder to purchase a number of the acquiring company's shares at a favorable price.
 The board may terminate the plan by redeeming the rights at a redemption price of 1 cent per right at any time until ten days after a person or group becomes a 20-percent shareholder. The company may exchange all or part of the rights at an exchange ratio of one common share per right at any time after the rights become exercisable but before a person or group acquires 50 percent or more of the company's outstanding common stock.
 The rights will expire on March 19, 2003.
 -0- 3/19/93
 /CONTACT: Donald E. Bennett, executive vice president and chief executive officer of Cascade Natural Gas, 206-624-3900/
 (CGC)


CO: Cascade Natural Gas Corp. ST: Washington IN: OIL SU: SRP

GT-TB -- SE013 -- 8132 03/19/93 19:51 EST
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Publication:PR Newswire
Date:Mar 19, 1993
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