Printer Friendly

ESQUIRE RADIO & ELECTRONICS TERMINATES SHARE PURCHASE; OFFER OF ACQUISITION RECEIVED

 BROOKLYN, N.Y., Nov. 26 /PRNewswire/ -- Esquire Radio & Electronics, Inc. (AMEX: EE), announced today that the company has terminated its offer to purchase up to 150,000 shares of its common stock which commenced on Nov. 9, 1993, and was scheduled to expire on Dec. 9, 1993.
 The company also announced that late on Nov. 24, 1993, its board of directors received an unsolicited letter from Steel Partners II, L.P., a Delaware limited partnership ("Steel"), in which Steel stated it was prepared to offer to acquire, in a negotiated merger transaction, 100 percent of the company's outstanding shares for $50 per share in cash. Steel stated in its letter that consummation of the proposed transaction was subject to the approval of the company's board of directors, negotiation and execution of a definitive merger agreement containing customary representations, warranties and closing conditions, and the completion of "minimal due diligence." Steel also said that "it is anticipated that the proposed transaction would not be subject to financing."
 -0- 11/26/93
 /CONTACT: Harvey Lieberman, president of Esquire Radio & Electronics, Inc., 718-499-0020, or James E. Long or Daniel M. Sullivan of D.F. King & Co., Inc., 212-269-5550/
 (EE)


CO: Esquire Radio & Electronics, Inc.; Steel Partners II, L.P. ST: New York IN: CPR SU: TNM

SH-TW -- NY002 -- 7911 11/26/93 10:01 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 26, 1993
Words:222
Previous Article:MINNESOTA PIPER JAFFRAY INCOME INDEX(In Percents)
Next Article:TRANSWORLD HOME HEALTHCARE TERMINATES NEGOTIATIONS AND WITHDRAWS LETTER OF INTENT TO ACQUIRE HOMECARE OF PALM BEACH COUNTY
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters