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NATIONSBANK CORP. WILL PAY 50.1 PERCENT OF THE PURCHASE PRICE FOR MNC FINANCIAL INC. IN NATIONSBANK COMMON STOCK AND 49.9 PERCENT IN CASH

 CHARLOTTE, N.C., April 1 /PRNewswire/ -- NationsBank Corporation (NYSE: NB) announced today it will pay 50.1 percent of the purchase price for MNC Financial Inc. (NYSE: MNC) in NationsBank common stock and 49.9 percent in cash.
 NationsBank also said its acquisition of MNC will be structured as a "cash election" merger, in which holders of MNC common stock can opt to receive stock or cash in exchange for their MNC shares, subject to, among other things, the overall 50.1 percent/49.9 percent limit.
 In February, NationsBank exercised its right to acquire MNC under terms of a 1992 purchase-option agreement.
 This agreement gave Nationsbank the right to acquire MNC based on a formula price, which has been calculated to be $15.17 per share of MNC common stock.
 The agreement gave NationsBank the right to pay up to 49.9 percent of the purchase price in cash.
 Based on the formula, the total purchase price of the transaction will be $1.36 billion, of which $682 million will be NationsBank stock and $678 million cash. In March, NationsBank completed the sale of $400 million of subordinated notes, bringing the amount of debt sold by the company in 1993 to $1.2 billion.
 As of December 31, 1992, MNC Financial had 89,682,000 common shares outstanding.
 The merger, which is subject to approval by MNC shareholders and regulatory agencies, is expected to be completed in the second half of 1993.
 NationsBank is the fourth-largest bank holding company in the U.S. with approximately $118 billion in assets and full-service banking centers in nine states and the District of Columbia.
 -0- 4/1/93
 /CONTACT: Dick Stilley of NationsBank, 704-386-8135/
 (NB MNC)


CO: NationsBank Corporation; MNC Financial ST: North Carolina, Maryland IN: FIN SU: TNM

CM -- CH011 -- 2255 04/01/93 17:15 EST
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Publication:PR Newswire
Date:Apr 1, 1993
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