Printer Friendly

MAYFLOWER GROUP, INC. REJECTS PROPOSAL

 INDIANAPOLIS, Sept. 17 /PRNewswire/ -- Michael L. Smith, president and chief executive officer of Mayflower Group, Inc. (NASDAQ: MAYF), following a meeting of Mayflower's board of directors, announced that the company has rejected an unsolicited offer made publicly today by Irwin L. Jacobs, the chief executive officer of the IMR Fund, L.P. ("IMR"), owner of The Bekins Company ("Bekins").
 Smith also acknowledged that on Sept. 13, Mayflower received an unsolicited proposal in writing from IMR. He said, "At no time have we suggested to Mr. Jacobs, or anyone else, that we would be interested in an offer to acquire Mayflower. We are poised to acquire, not be acquired."
 Sheldon Stone, a director of Mayflower and a representative of a fund managed by Trust Company of the West that owns over one-half of Mayflower's common stock, stated: "Mayflower's board is entirely satisfied with the management of Mayflower, and Trust Company of the West is quite satisfied with its investment in Mayflower."
 Mayflower Group, Inc. is a holding company that conducts its entire business through its two operating subsidiaries, Mayflower Transit, Inc. ("Transit") and Mayflower Contract Services, Inc. ("Contract Services"). Transit, headquartered in Carmel, Ind., is an international services company that provides specialized transportation, warehousing, distribution, and related logistics/management services involving household goods, electronic products, trade show exhibitry, and other products requiring specialized handling. Contract Services is a national passenger transportation services company headquartered in Overland Park, Kan. It provides student transportation and public transportation services pursuant to contracts with school corporations, municipalities, and other government or private entities throughout the United States.
 -0- 9/17/93
 /CONTACT: Michael L. Smith, chairman, president and chief executive officer of Mayflower Group, 317-875-1440/
 (MAYF)


CO: Mayflower Group, Inc.; IMR Fund, L.P.; The Bekins Company ST: Indiana; Kansas IN: TRN SU: TNM

KL-LC -- CL017 -- 3262 09/17/93 17:52 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 17, 1993
Words:308
Previous Article:WHISKEY ISLAND MARINA GETS STATE GO-AHEAD
Next Article:NLRB INSPECTOR GENERAL REFUTES ALLEGATIONS BY MONFORT ABOUT INVESTIGATION OF CONTEMPT CHARGES
Topics:

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