SALE OF 60 PERCENT STAKE IN P. LEINER NUTRITIONAL PRODUCTS CORP.
SALE OF 60 PERCENT STAKE IN P. LEINER NUTRITIONAL PRODUCTS CORP. NEW YORK, Dec. 23 /PRNewswire/ -- Booker plc announced today a revision of the terms of its agreement to sell its approximately 60 percent (3,171,643 shares) of the issued capital of P. Leiner Nutritional Products Corp. to PLI Investors Inc., a corporation formed by AEA Investors Inc., a private investment firm, with the support of the senior management of P. Leiner. In the revised transaction, the shareholders of the company (other than Booker plc and members of the management buyout group) will receive $15 per share in cash. Booker plc and members of the management participating in the acquisition will receive $13.42 per share net for their shares. The transaction, which will be structured as a merger between P. Leiner and PLI Investors Inc., has been unanimously approved by P. Leiner's board following the recommendation of an Independent Committee of non-management directors unaffiliated with Booker. It is subject to the completion and execution of a definitive acquisition agreement, and to approval at a special meeting of shareholders of P. Leiner including approval of the holders of two-thirds of all outstanding shares, other than those held by Booker plc. An agreement between Booker and PLI Investors Inc. also grants an option to PLI Investors Inc. to buy the Booker shares at a price of $13.42 per share. -0- 12/23/91 /CONTACT: Christopher Young of S.G. Warburg, 212-459-7170, or R. Angus McKenzie of Booker plc in the UK, 0932-345-001/ CO: Booker plc; P. Leiner Nutritonal Products Corp. ST: IN: SU: TNM
KD -- NY019 -- 4751 12/23/91 10:13 EST
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|Date:||Dec 23, 1991|
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