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DWG CORPORATION SIGNS LETTER OF INTENT ON BEHALF OF TRIAN GROUP

 DWG CORPORATION SIGNS LETTER OF INTENT ON BEHALF OF TRIAN GROUP
 MIAMI, Sept. 3 /PRNewswire/ -- DWG Corporation (AMEX: DWG) announced today that a binding letter of intent has been signed on behalf of Trian Group, L.P., (a limited partnership controlled by Nelson Peltz and Peter May), DWG, Victor Posner and related entities controlled by him, who are the owners of an aggregate of 11,965,733 shares of its common stock, which constitutes approximately 46.3 percent of the outstanding voting power of the company and which may be deemed to be beneficially owned by Victor Posner.
 The letter of intent relates to, among other things, the following transactions: Victor Posner and such related entities will sell one- half of their shares of common stock of DWG for $12.00 per share and the remaining one-half of the shares of common stock of DWG held by Posner will be exchanged for shares of newly created non-voting, convertible preferred stock of DWG with an aggregate stated value of $71,794,392 with a cumulative annual dividend of 8 1/8 percent. Upon the consummation of the transactions, Victor Posner will resign as chairman of the board, chief executive officer and as director of DWG and its subsidiaries, and Steven Posner will remain vice chairman of the board. The transactions announced today are subject to, among other things, approval of the shareholders of the company, any regulatory approvals required, DWG and certain of its subsidiaries refinancing certain indebtedness on terms satisfactory to Trian, and dismissal of certain proceedings pending in the United States District Court for the Northern District of Ohio.
 -0- 9/3/92
 /CONTACT: Jack Coppersmith, executive vice president and chief financial officer of DWG Corporation, 305-866-7771; or Leon Kalvaria vice chairman of Trian Group, 212-230-3060/
 (DWG) CO: DWG Corporation; Trian Group L.P. ST: Florida IN: SU:


JB-SS -- FL002 -- 6282 09/03/92 09:39 EDT
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Publication:PR Newswire
Date:Sep 3, 1992
Words:318
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