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NOEL GROUP, INC. PROPOSES CHANGE IN BELDING HEMINWAY COMPANY, INC. AGREEMENT IN PRINCIPLE; TALKS CONTINUE

 NEW YORK, April 28 /PRNewswire/ -- Belding Heminway Company, Inc. (NYSE: BHY) and Noel Group, Inc. (NASDAQ: NOEL) announced today that Noel has proposed a revision of their agreement in principle, pursuant to which Noel was to acquire Belding for $34.50 per share in cash. Noel has advised Belding that, as a result of its due diligence investigation, it remains interested in acquiring Belding, but at a price of $30.25 per share in cash. Belding's board of directors will consider Noel's revised proposal at its board of directors meeting scheduled for May 5, 1993. However, there can be no assurance that a revised agreement in principle will be reached or that any transaction will be completed.
 Belding Heminway Company, Inc. is a leading producer of high technology threads and specialty fabrics and a leading marketer of diversified line of other consumer products. Belding also has investments in entities owning real estate and a cellular telephone license.
 Noel is a publicly held company holding controlling or other significant interests in various companies.
 -0- 4/28/93
 /CONTACT: Ronald V. Kaplan of Belding Heminway Company, Inc., 212-556-4700/
 (BHY NOEL)


CO: Belding Heminway Company, Inc.; Noel Group, Inc. ST: New York IN: TEX SU:

KD-LD -- NY111 -- 2313 04/28/93 17:36 EDT
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Apr 28, 1993
Words:211
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