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HART-SCOTT-RODINO WAITING PERIOD EXPIRES

 DALLAS, Dec. 29 /PRNewswire/ -- Joseph F. McKinney, chief executive officer of Tyler Corporation (NYSE: TYL), announced today that the waiting period under the Hart-Scott-Rodino Act regarding the proposed acquisition by Tyler of Institutional Financing Services (IFS) has expired. The transaction is still subject to certain other conditions and is expected to be completed during January 1994.
 IFS, headquartered in Benicia, Calif., assists schools in fund- raising activities by arranging for students to sell company-supplied products to family and friends. Proceeds are shared with schools which use the monies for designated educational, recreational and extracurricular projects. Founded in 1981, IFS has developed an excellent reputation for helping schools raise needed funds in straight- forward, short turn-around campaigns. A high percentage of the company's fund-raising programs are with schools who have participated in prior years.
 For the fiscal year ended June 30, 1993, IFS's sales were $68 million. Operating profit, which is before amortization and interest expense, was $6.8 million.
 Earlier in December, Tyler entered into an agreement to purchase IFS, a privately held company, for approximately $50 million and the assumption of responsibility for seasonal working capital debt. Additional payments are possible if certain profit objectives are achieved.
 Tyler Corporation, with national headquarters in Dallas, provides cast iron pipe and fittings and automotive aftermarket parts.
 -0- 12/29/93
 /CONTACT: Michael R. Meyers, assistant treasurer of Tyler Corporation, 214-754-7851/
 (TYL)


CO: Tyler Corporation; Institutional Financing Services ST: Texas IN: SU:

MP -- NY030 -- 7827 12/29/93 14:56 EST
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Publication:PR Newswire
Date:Dec 29, 1993
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