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MEI DIVERSIFIED CONTINUES DISCUSSIONS WITH IMR FUND, L.P.

 MINNEAPOLIS, Dec. 23 /PRNewswire/ -- MEI Diversified, Inc. (NYSE: MEI) (MEI) today announced that it is continuing discussions with the IMR Fund, L.P. (IMR) relating to IMR's proposed transaction. As previously announced, IMR had requested that MEI respond to its proposal by Dec. 22, 1992. On Nov. 17, 1992, IMR 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. MEI's board of directors has engaged an investment advisor and is continuing the process of evaluating the IMR proposal and exploring other alternatives available to MEI.
 -0- 12/23/92
 /CONTACT: James A. Cesario, vice president-controller, MEI, 612-339-8853/
 (MEI)


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

DS -- MN002 -- 9450 12/23/92 09:20 EST
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Publication:PR Newswire
Date:Dec 23, 1992
Words:154
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