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CORNING COMPLETES MERGER WITH COSTAR CORPORATION

 CAMBRIDGE, Mass., Sept. 8 /PRNewswire/ -- Costar Corporation (NASDAQ: CSTR) and Corning Incorporated (NYSE: GLW) said today that they have completed the previously announced merger of Costar Corporation into a Corning subsidiary in a tax-free transaction. The announcement followed approval of the merger by Costar shareholders at a meeting this morning at Costar headquarters in Cambridge, Mass.
 The parties had announced previously that Costar shareholders will receive .79239 shares of Corning common stock for each share of Costar common stock. The total value of the transaction is approximately $180 million. Corning issued approximately 6 million common shares and stock options in exchange for all of the outstanding Costar shares and stock options.
 Corning President Roger G. Ackerman said, "We are delighted that Costar is now part of the Corning family. Costar will enhance our presence in the plastics science products business."
 Costar President and Chief Executive officer Paul A. Looney said, "Now that the merger is complete, we look forward to better serving our customers and offering them an expanded array of products."
 Costar is a manufacturer of disposable plastic products, membrane filters, cartridges and filtration equipment used in life-science laboratories and industrial plants worldwide. Costar will function as a wholly owned Corning subsidiary.
 Corning Incorporated is a Fortune 200 company that competes globally in four business sectors: specialty materials, communications, consumer products and laboratory services. Its 1992 sales totalled $3.7 billion.
 -0- 9/8/93
 /CONTACT: (media) John Abrams, 607-974-8832 or (investor) Stephen L. Albertalli, 607-974-8357, both of Corning; or Francis H. Murphy of Costar, 617-868-6200/
 (CSTR GLW)


CO: Costar Corporation; Corning Incorporated ST: Massachusetts IN: MTC SU: TNM

DD-CM -- NE012 -- 9861 09/08/93 13:25 EDT
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Publication:PR Newswire
Date:Sep 8, 1993
Words:279
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