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EQUUS II INC. AND EQUUS INVESTMENTS INC. ADJUST MERGER EXCHANGE RATIO

 HOUSTON, May 6 /PRNewswire/ -- Equus II Incorporated (AMEX: EQS) and Equus Investments Incorporated (AMEX: EQI) announced today a revised exchange ratio for the proposed merger of Equus Investments Incorporated with and into Equus II Incorporated to take into consideration changes in the net asset values of EQS and EQI for the first quarter ended March 31, 1993. Pursuant to the merger agreement, EQS will issue shares of its 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 now have the right to receive 0.54 of a share of EQS common stock for each of their EQI shares. This exchange ratio is subject to further adjustment in the event of 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 privately owned small to medium-sized companies. EQS and EQI currently have investments in 13 and nine portfolio companies, respectively. The shareholders of the combined entity will benefit from less concentration in any one investment 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 the establishment of a more consistent dividend policy as a result of 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 June 30, 1993.
 -0- 5/6/93
 /CONTACT: Lisa R. Darrough or Patrick M. Cahill of Equus, 713-529-0900/
 (EQS)


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

CK -- NY066 -- 5383 05/06/93 11:32 EDT
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Publication:PR Newswire
Date:May 6, 1993
Words:344
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