Printer Friendly

IRWIN JACOBS RESIGNS FROM MEI DIVERSIFIED BOARD OF DIRECTORS

 MINNEAPOLIS, Nov. 24 ~PRNewswire~ -- MEI Diversified Inc. (NYSE: MEI) (MEI) has received a letter from Irwin L. Jacobs pursuant to which Jacobs has resigned from the board of directors of MEI. Jacobs stated that the reason for his resignation was his need to represent IMR Fund, L.P. in its proposed transaction with MEI. The IMR Fund L.P. is a limited partnership investment fund located in Minneapolis, managed by IMR Management Partners, L.P. and IMR General, Inc., of which Jacobs is president. On Nov. 17, 1992, IMR Fund, L.P. delivered to MEI a proposal to acquire 13,340,000 newly issued shares of MEI voting stock in consideration of $66,700,000 which would be paid by transferring to MEI all of the outstanding shares of stock of Brown-Minneapolis Tank Company and $26,700,000 in cash. The MEI board of directors, as previously announced, has engaged an investment advisor and will evaluate the IMR proposal and other available alternatives.
 -0- 11~24~92
 ~CONTACT: James A. Cesario, vice president - controller of MEI Diversified, 612-339-8853~
 (MEI)


CO: MEI Diversified, Inc. ST: Minnesota IN: SU: PER

DS -- MN023 -- 1288 11~24~92 17:33 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:Nov 24, 1992
Words:197
Previous Article:SPARTA FOODS ACQUIRES CHAPALA NAME AND BUSINESS
Next Article:MTS SYSTEMS CORPORATION REPORTS PRELIMINARY UNAUDITED RESULTS FOR FISCAL 1992: ORDERS AND BACKLOG UP, EARNINGS DOWN


Related Articles
JACOBS RESIGNS FROM GENETICS INSTITUTE BOARD OF DIRECTORS
MEI DIVERSIFIED CONTINUES PROGRESS IN BUSINESS SEGMENTS
MEI DIVERSIFIED INC. REPORTS THIRD QUARTER RESULTS
MEI DIVERSIFIED CLARIFIES STATEMENT
MEI DIVERSIFIED ANNOUNCES DAIN BOSWORTH AS INVESTMENT ADVISER
MEI DIVERSIFIED CONTINUES DISCUSSIONS WITH IMR FUND, L.P.
MEI DIVERSIFIED ANNOUNCEMENT
MEI DIVERSIFIED FILES CHAPTER 11
Qualcomm's Board of Directors Elects Dr. Paul E. Jacobs as Chairman.

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