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MOHAWK INDUSTRIES ANNOUNCES RESULTS OF STOCK PRICE CALCULATION FOR HORIZON ACQUISITION

 MOHAWK INDUSTRIES ANNOUNCES RESULTS
 OF STOCK PRICE CALCULATION FOR HORIZON ACQUISITION
 ATLANTA, Oct. 16 /PRNewswire/ -- Mohawk Industries, Inc. (NASDAQ-NMS: MOHK) today announced that the price per share to be used in the calculation of the number of shares of common stock of Mohawk to be issued in its acquisition of Horizon Industries, Inc. (NASDAQ-NMS: HRZN) is expected to be $12.6374 per share.
 Under the provisions of the agreement and plan of merger providing for this acquisition, the number of shares of Mohawk common stock to be issued is based on the weighted average of the sales price of all reported transactions in Mohawk common stock on NASDAQ-NMS, excluding cancelled trades, during the 20-consecutive-trading-day period preceding the fifth full trading day prior to the closing date. Use of this price in the calculation of the number of shares of Mohawk common stock to be issued results in the issuance of 1,783,400 shares of Mohawk common stock, the maximum to be issued in the transaction, and, assuming 5,767,305 shares of Horizon common stock outstanding on Oct. 23, the anticipated closing date, the payment of $11.09 in cash for each share of Horizon common stock outstanding at such time plus the issuance in respect of each such share of Horizon common stock of .309 shares of Mohawk common stock. Fractional shares of Mohawk common stock which would otherwise be issued, after aggregating all holdings of each Horizon shareholder, would be paid in cash on the basis of $12.6374 per share of Mohawk common stock. Although it is not presently anticipated, the relative amounts of cash and Mohawk common stock payable in respect to each share of Horizon common stock outstanding on the closing date could vary if either the closing date does not occur for any reason on Oct. 23, the date of the special meeting of Horizon shareholders to vote on this transaction, or if the number of shares of Horizon common stock outstanding on such date is different from the currently anticipated number.
 -0- 10/16/92
 /CONTACT: John D. Swift, vice president-Finance of Mohawk Industries, 404-951-6000/
 (MOHK HRZN) CO: Mohawk Industries, Inc.; Horizon Industries, Inc. ST: Georgia IN: TEX SU: TNM


BR-BN -- AT013 -- 1126 10/16/92 16:49 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
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