PERRY ANNOUNCES OFFERING OF SHARES
PERRY ANNOUNCES OFFERING OF SHARES PONTIAC, Mich., April 30 /PRNewswire/ -- Perry Drug Stores, Inc.
(NYSE: PDS) today announced an offering of 1,625,000 shares of common stock at $8 per share managed by Prudential Securities Incorporated and Salomon Brothers, Inc.
The company offered 1,375,000 shares and will use the proceeds to reduce indebtedness. Jack A. Robinson, the company's founder and chief executive officer, is selling 250,000 shares for estate and tax planning purposes. Following the offering, Robinson will continue to be the major shareholder of the company, owning approximately 10.5 percent of the outstanding shares. The shares being offered by the company and Robinson have been reduced proportionately from the number originally announced in light of the current market price of the company's shares. Perry, Michigan's largest drugstore chain, operates 206 drugstores in 117 communities in the state. -0- 4/30/92 /CONTACT: Jerry E. Stone, chief financial officer, 313-674-7783, or Robert A. Berlow, general counsel, 313-674-7750, both of Perry/ (PDS) CO: Perry Drug Stores, Inc. ST: Michigan IN: REA SU: OFR
SB -- DE004 -- 4796 04/30/92 09:43 EDT
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|Date:||Apr 30, 1992|
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