HONEYWELL ANNOUNCES ODD-LOT SHARE REPURCHASE PROGRAM
HONEYWELL ANNOUNCES ODD-LOT SHARE REPURCHASE PROGRAM MINNEAPOLIS, Nov. 7 /PRNewswire/ -- Honeywell Inc. (NYSE: HON) said
today it is offering a voluntary, commission-free program to repurchase the company's common stock from holders of 50 or fewer shares.
Under the program, registered and beneficial owners of 50 or fewer shares of Honeywell common stock, as of Oct. 25, are eligible to sell to the company their entire lots without paying brokerage commissions. Participating shareholders must sell all eligible shares they own; partial tenders will not be accepted, the company said. Shareholders will be paid the average closing price per share of Honeywell common stock, as reported in the Wall Street Journal, from Nov. 6 to Dec. 17. No minimum price per share is guaranteed under this offer. In addition, those tendering shares under the offer will receive the dividend payable on Honeywell common stock for the fourth quarter of 1991. Shares repurchased under the program, which runs through Dec. 17 unless extended by the company, will be retained by the company for future corporate purposes. In the next few weeks, eligible shareholders will receive information from Shareholders Communications Corp. outlining the terms of the program. Shareholders Communications in Honeywell's agent conducting the buyback program. Neither Honeywell, Shareholders Communications nor Manufacturers Hanover Trust Co., Honeywell's transfer agent, make any recommendation whether eligible shareholders should participate in this offer. Honeywell is a global controls company that provides products, systems and services for homes and buildings, industry, and aviation and space. The company employs 58,000 people worldwide and had 1990 sales of $6.3 billion. -0- 11/7/91 /CONTACT: Kevin Whalen of Honeywell, 612-870-2524/ (HON) CO: HONEYWELL ST: Minnesota IN: SU: AL-JS -- MN013 -- 2397 11/07/91 16:45 EST
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|Date:||Nov 7, 1991|
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