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EQUUS II AND EQUUS INVESTMENTS ENTER MERGER AGREEMENT

 HOUSTON, March 29 /PRNewswire/ -- Equus II Incorporated (AMEX: EQS) and Equus Investments Incorporated (AMEX: EQI) filed today with the Securities and Exchange Commission (SEC) a Joint Proxy Statement and Prospectus that includes the Agreement and Plan of Merger (the "Merger Agreement"), which details the proposed merger (the "Merger") of Equus Investments Incorporated with and into Equus II Incorporated. Pursuant to the Merger Agreement, EQS will issue additional shares of common stock to the shareholders of EQI in a tax free exchange to acquire all of the outstanding common stock of EQI. Holders of EQI common stock will have the right to receive 0.59 of a share of EQS common stock for each of their EQI shares. The exchange ratio is subject to adjustment for material changes in the net asset value of either company prior to the effective date of the Merger.
 Equus II Incorporated and Equus Investments Incorporated are business development companies which invest in equity-oriented securities of small to medium-sized companies which are normally privately owned. EQS and EQI currently have investments in 13 and nine portfolio companies, respectively. The shareholders of the combined entity will benefit from a more diversified portfolio and administrative cost savings. In addition, the Merger provides the potential for an enhanced market for the shares of the combined entity due to the increase in its size, and more consistent dividends from the larger number of investments at varying levels of maturity.
 The Merger is subject to and contingent upon several conditions, including approval by a majority vote of the outstanding shares of both EQS and EQI and review, pursuant to the Investment Company Act of 1940, by the SEC of the Joint Proxy Statement and Prospectus. The Merger is expected to be completed on or about July 1, 1993.
 -0- 3/29/93
 /CONTACT: Lisa R. Darrough or Patrick M. Cahill, 713-529-0900, both of Equus/
 (EQS EQI)


CO: Equus II Incorporated; Equus Investments Incorporated ST: Texas IN: FIN SU: TNM

WB -- NY072 -- 0566 03/29/93 13:25 EST
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Publication:PR Newswire
Date:Mar 29, 1993
Words:337
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