Printer Friendly

QUANTUM SHAREHOLDERS APPROVE MERGER WITH HANSON PLC

 NEW YORK, Sept. 30 /PRNewswire/ -- Shareholders of Quantum Chemical Corporation (NYSE: CUE), at a special meeting held here today, voted to approve a merger with Hanson PLC (NYSE: HAN) valued at approximately $3.3 billion. Under the agreement each Quantum share will be converted into 1.176 American Depositary Shares of Hanson.
 Results showed that 28,813,349 shares of the 35,997,023 Quantum shares outstanding as of the Aug. 25 record date were cast in favor of the merger. This represented 80 percent of the shares outstanding and almost 98 percent of the shares voted at the meeting. An affirmative vote of two-thirds of Quantum shares was required for approval. The results were certified by an independent inspector of election following the meeting.
 The merger was completed today after a certificate of merger was issued by the Virginia State Corporation Commission.
 Shortly, Citibank, NA will send letters of transmittal to Quantum shareholders explaining the process for exchanging Quantum shares for Hanson ADSs.
 Lord White, chairman of Hanson Industries, Hanson's U.S. arm, said, "We expect that the acquisition of Quantum will prove to be a very profitable addition to Hanson. While waiting for conditions in the petrochemicals industry to turn more robust, we will proceed with Quantum's cost-reduction program and seek further savings by refinancing Quantum's debt. We are pleased to be able to include Quantum as one of our businesses at the very start of our new fiscal year."
 During brief remarks to shareholders, John Hoyt Stookey, chairman of Quantum, said, "Quantum's shareholders have done well by approving this merger, which provides an attractive premium to their holdings and allows them to continue to invest in Quantum as an important part of a larger Hanson with such a strong financial base and solid long-term outlook."
 Hanson and Quantum jointly announced their agreement to merge on
June 30, 1993. Since that time, Hanson ADRs have appreciated by more than 10 percent. The equity portion of the transaction will equal approximately $800 million, in addition to the $2.5 billion of Quantum debt, for a total transaction value of $3.3 billion.
 Quantum Chemical Corporation is the largest U.S. manufacturer of polyethylene, and the second largest domestic retail distributor of propane.
 Hanson PLC is a British-American industrial management corporation. In the U.S., Hanson Industries' operations include Peabody Holding Company, SCM Chemicals, Cavenham Forest Industries, Beazer, Grove Crane, Jacuzzi Whirlpool Baths, Tommy Armour Golf, Ames Tools, Farberware Cookware, and Hanson Lighting Group, among others.
 In the United Kingdom, Hanson's holdings include Imperial Tobacco, ARC Aggregates, London Brick, Butterley Brick, Beazer Homes and Smith Meters.
 -0- 9/30/93
 /CONTACT: David H. Clarke, deputy chairman and chief executive officer, or John G. Raos, president, Mickey Foster, vice president- investor relations of Hanson Industries, 908-603-6600/
 (CUE HAN)


CO: Hanson PLC; Quantum Chemical Corporation ST: New York IN: CHM SU: TNM

SM -- NY057 -- 7285 09/30/93 12:38 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 30, 1993
Words:489
Previous Article:EZ COMMUNICATIONS ANNOUNCES DEFINITIVE AGREEMENT TO PURCHASE ASSETS OF TWO ST. LOUIS RADIO STATIONS
Next Article:GOLDEN EAGLE TO PROVIDE LOGISTICS FOR PAXAR
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters