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FALCON TO ACQUIRE SHELBY WILLIAMS.

ST. LOUIS, Mo.-In a marriage between powerhouse producers of contract furnishings, Falcon Products has agreed to acquire Shelby Williams for $148 million.

St. Louis- based Falcon produces furniture for hotels and offices. Falcon had revenues of $143.4 million in its fiscal 1998 year.

Shelby Williams, based in Chicago, is the nation's leading manufacturer of contract seating for restaurants, hotels, universities and healthcare facilities. It had revenues of $165.9 million in fiscal 1998.

The terms of the deal call for Falcon to begin a tender offer to buy all of Shelby Williams' 8.8 million outstanding shares for $16.50 each, in cash. Shares of Shelby Williams were selling at 16 3/16 late on May 7.

The offer requires that a majority of Shelby Williams shares be tendered and that the deal be cleared under antitrust regulations, the companies said in a joint statement.

Directors of both companies have approved the proposed transaction. Funding for the tender offer and completion of the transaction will be provided through financing commitments by affiliates of investment banking firm Donaldson, Lufkin & Jenrette Securities.
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Title Annotation:Falcon Products
Publication:HFN The Weekly Newspaper for the Home Furnishing Network
Article Type:Brief Article
Geographic Code:1USA
Date:May 17, 1999
Words:182
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