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JOSEPHTHAL SETS SUNDAY DEADLINE ON OFFER FOR RODMAN & RENSHAW

 NEW YORK, Oct. 28 /PRNewswire/ -- Josephthal, Lyon & Ross, Inc. today announced it has set 6 p.m, New York time, on Sunday, Oct. 31, as a deadline for agreement on a merger with Rodman & Renshaw Capital Group, Inc., the Chicago-based securities firm with which Josephthal has been discussing a merger since July.
 Josephthal today notified the Rodman & Renshaw board of directors that unless the board reaches a merger agreement with Josephthal by the deadline, the Josephthal merger proposal will be withdrawn.
 Daniel Purjes, chairman and chief executive officer of Josephthal, said: "During the more than three months since we first expressed a desire to merge with Rodman & Renshaw, we have fully explained our proposal to the Rodman & Renshaw board and have supplied great quantities of additional information in response to their queries."
 Mr. Purjes continued: "But now further delays would be unfair to shareholders of Rodman & Renshaw and to the employees of both companies. We either must agree now to join together promptly and build a great firm, or to pursue separate destinies. It is no longer time for deliberation, but for decision."
 -0- 10/28/93
 /CONTACT: Dan Purjes of Josephthal, Lyon & Ross, Inc., 212-907-4411, or Tim Metz of Abernathy/MacGregor/Scanlon, 212-371-5999, for Josephthal/
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CO: Josephthal, Lyon & Ross, Inc.; Rodman & Renshaw Capital Group ST: New York, Illinois IN: FIN SU: TNM

JS -- NY120 -- 8130 10/28/93 16:19 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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