NEWELL COMPLETES MERGER WITH STUART HALL
NEWELL COMPLETES MERGER WITH STUART HALL KANSAS CITY, Mo., July 8 /PRNewswire/ -- At today's scheduled
meeting of the shareholders of Stuart Hall Co. Inc. (NASDAQ: STUH), the plan of merger between Newell (NYSE: NWL) and Stuart Hall was adopted by the requisite vote of Stuart Hall shareholders. As a result of the merger, Stuart Hall will become a wholly owned subsidiary of Newell and shares of Stuart Hall common stock and class B common stock are being converted into shares of Newell common stock in a tax-free organization.
The exchange ratio was increased so that Stuart Hall shareholders will receive .3986 shares of Newell common stock for each share of Stuart Hall common stock exchanged pursuant to the merger. This exchange ratio, when multiplied by $35 1/8, the average trading price of Newell common stock during the 15-day measurement period ending July 2 provided for in the agreement, equals $14. Following approval by the shareholders at the meeting, the merger was closed. The shareholders of Stuart Hall will receive instructions regarding the mechanics of exchanging their existing Stuart Hall stock certificates for new certificates representing shares of Newell common stock. Stuart Hall is engaged in the production and sale of school supplies, stationery and office supplies. Newell manufactures and markets high-volume hardware/housewares, office and industrial products. Hardware/housewares products are sold principally through discount, variety, chain and hardware stores, hardware and housewares distributors and home improvement centers. Office products are sold through office product superstores, mass market chains and office product dealers and wholesalers. Industrial products are sold directly and through distributors to volume purchasers. -0- 7/8/92 /CONTACT: Jim Zahrt of Newell, 815-969-6112/ (NWL STUH) CO: Newell Corp.; Stuart Hall Co. Inc. ST: Missouri IN: HOU SU: TNM AL-CH -- LA016 -- 7454 07/08/92 13:43 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jul 8, 1992|
|Previous Article:||ENJOY THE SUMMER GAMES AFTER THEY'RE OVER WITH ACCOLADE'S SUMMER CHALLENGE|
|Next Article:||THERE'S NO NEED TO BE IN BARCELONA TO WATCH THE SUMMER OLYMPICS -- VCR PLUS+(R) CAPTURES THE MOMENT AS THE U.S. GOES FOR THE GOLD|