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KRELITZ INDUSTRIES, INC., DEFINITIVE ACQUISITION AGREEMENT SIGNED

 MINNEAPOLIS, Dec. 31 /PRNewswire/ -- Krelitz Industries, Inc., today announced that it had executed a definitive agreement and plan of merger with Commons Bros., Inc., for the acquisition of Krelitz by Commons Midwest, Inc., a wholly owned subsidiary of Commons Bros. The agreement provides for a merger price of $5,100,000, subject to adjustment based on the shareholders equity of Krelitz as of Nov. 30, 1993, and other matters.
 The consummation of the merger is subject to certain conditions, including approval by the shareholders of Krelitz, antitrust clearance and certain other customary conditions.
 Barry M. Krelitz, CEO of Krelitz, stated: "The wholesale drug industry is in a period of consolidation, as the independent, regional companies, such as Krelitz, find it advantageous for the company and its customers to join with larger, multi-regional firms to improve their competitive position. The board of directors of Krelitz, which unanimously approved the merger, believes it represents the best opportunity for the shareholders to realize the value of their investment."
 Krelitz is an independent drug wholesaler based in the upper Midwest. The company distributes pharmaceuticals, over the counter, health and beauty and general merchandise products. The company also develops and markets computerized pharmacy, inventory management and point of sale systems. Commons Bros., is a full service independent drug wholesaler with facilities in Elmsford, Freeport and Amityville, N.Y. and Harrisburg, Pa. It has served hospital and community pharmacies since 1896. It is the nation's ninth largest drug wholesaler.
 -0- 12/31/93
 /CONTACT: Barry M. Krelitz of Krelitz Industries, 612-347-9847 or (fax) 612-347-9714/


CO: Krelitz Industries, Inc.; Commons Bros., Inc. ST: Minnesota, New York IN: MTC SU: TNM

DS -- MN005 -- 8312 12/31/93 12:57 EST
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Publication:PR Newswire
Date:Dec 31, 1993
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