Printer Friendly

GALVEST ACCEPTS PRIMEENERGY PROPOSAL

 GALVEST ACCEPTS PRIMEENERGY PROPOSAL
 HOUSTON, Feb. 26 /PRNewswire/ -- GalVest Inc. (NASDAQ: GALV)


announced today it has received and accepted a proposal from PrimeEnergy (NASDAQ: PNRG) to purchase at least 51 percent, and up to all, of GalVest's outstanding shares for $0.50 per share. The offer is subject to due diligence and other customary terms and conditions. GalVest has been advised that holders of approximately 60 percent of GalVest's shares favor the PrimeEnergy proposal.
 Separately, GalVest announced that it was terminating a previously announced proposal to sell newly issued GalVest stock and has agreed to suspend other efforts to effect a transaction.
 GalVest Inc. is a Houston-based energy company which was organized in March 1988 in connection with the Galaxy Oil Company bankruptcy proceeding.
 -0- 2/26/92
 /CONTACT: David L. Pratt of GalVest, 713-759-9052/
 (GALV PNRG) CO: GalVest Inc.; PrimeEnergy Corp. ST: Texas IN: OIL SU: AH -- NY058 -- 2854 02/26/92 13:48 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 26, 1992
Words:156
Previous Article:CADENCE SELECTED BY SONY FOR MAJOR ELECTRONIC DESIGN CONSULTING CONTRACT
Next Article:TAMBRANDS NAMES NEW PRESIDENT AND CHIEF OPERATING OFFICER
Topics:


Related Articles
PRIMEENERGY ANNOUNCES AGREEMENT WITH GLOBAL NATURAL RESOURCES
PRIME ENERGY ENTERS AN AGREEMENT WITH GLOBAL NATURAL RESOURCES
PRIMEENERGY MANAGEMENT EXTENDS OFFER TO GALVEST
GALVEST ACCEPTS PROPOSAL FOR STOCK PURCHASE
GALVEST ANNOUNCES STOCK ACQUISITION
GALVEST ANNOUNCES 1991 RESULTS
PRIMEENERGY MANAGEMENT ACQUIRES GALVEST SHARES
PRIMEENERGY REPORTS RESULTS
MetLife tenant renews in CT.
ACI Aligns with GIO to Strengthen High-End Real Estate Solutions.

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