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P. LEINER NUTRITIONAL PRODUCTS CORP. ANNOUNCES RECEIPT OF PROPOSAL

P. LEINER NUTRITIONAL PRODUCTS CORP. ANNOUNCES RECEIPT OF PROPOSAL
 TORRANCE, Calif., Dec. 10 /PRNewswire/ -- P. Leiner Nutritional Products Corp. (AMEX: PLI) announced today that it has received a proposal from PLI Investors Inc., a company formed by AEA Investors Inc., a private investment firm, together with members of senior management, to acquire the company for a cash price of $13.75 per share. The proposal is subject to approval by the appropriate committees of the AEA Board and financing. AEA advised the company that PLI Investors Inc. has already entered into an agreement with Booker plc, the company's 60 percent shareholder, to buy Booker's shares in the company at the same price, subject to the approval of the company's board of directors. The proposal requires the approval of the company's board by Dec. 20, 1991.
 In order to respond to the proposal, the company's board of has designated an independent committee of non-management directors who are unaffiliated with Booker to study the proposal and to make a recommendation to the full board. Dean Whitter Reynolds Inc., the company's financial adviser, will advise the independent committee and the board with respect to the proposal. Lazard Freres & Co. is acting as financial adviser to members of senior management.
 P. Leiner Nutritional Products Corp. is a leading U.S. manufacturer of vitamins and other health and beauty care products with sales of $140 million per year. The company's customers include 21 of the nation's 25 largest drugstore chains, 21 of the 25 largest supermarket chains and 15 of the 25 largest discount chains. P. Leiner was recently included in the Forbes list of the 200 Best Small Companies in America.
 -0- 12/10/91
 /CONTACT: Michael Leiner, CEO of P. Leiner Nutritional Products, 310-328-9610/
 (PLI) CO: P. Leiner Nutritional Products Corp. ST: California IN: MTC SU:


KJ -- LA026 -- 1165 12/10/91 15:56 EST
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Publication:PR Newswire
Date:Dec 10, 1991
Words:312
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