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MACANDREWS & FORBES RAISES OFFER FOR MARVEL SHARES TO $30 PER SHARE AND REDUCES NUMBER OF SHARES TO BE PURCHASED

 NEW YORK, April 23 /PRNewswire/ -- MacAndrews & Forbes Holdings Inc. announced today that it has amended its cash tender offer for shares of common stock of Marvel Entertainment Group, Inc. (NYSE: MRV), to increase the price from $25 to $30 per share and to reduce the number of shares its is offering to purchase from 11 million to 10 million shares.
 As a result of these changes in the terms of the offer, the offer has been extended until 12:00 midnight, New York City time, on Thursday, May 6, 1993, unless further extended. The offer, which is being made by New Marvel Holdings Inc., an indirect wholly-owned subsidiary of MacAndrews & Forbes, commenced on March 26, 1993, and was previously scheduled to expire at 5:00 p.m. on Monday, April 26, 1993.
 The offer remains conditioned upon, among other things, a minimum of 10 million shares being validly tendered and not withdrawn prior to the expiration of the offer.
 MacAndrews & Forbes also said that this price increase would be its only price increase and that it will not waive the minimum condition. Accordingly, if less than 10 million shares are validly tendered prior to the expiration of the offer, no shares will be accepted for payment.
 MacAndrews & Forbes also stated that a total of approximately 3.6 million Marvel shares (including approximately 600,000 shares subject to guarantees of delivery) had been tendered as of last night.
 -0- 4/23/93
 /CONTACT: James T. Conroy of MacAndrews & Forbes, 212-572-5980/
 (MRV)


CO: MacAndrews & Forbes Holdings Inc.; Marvel Entertainment Group, Inc. ST: New York IN: PUB SU:

GK-WB -- NY073 -- 0154 04/23/93 14:29 EDT
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Publication:PR Newswire
Date:Apr 23, 1993
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