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
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|Date:||Feb 26, 1992|
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