SONOCO PRODUCTS COMPANY ANNOUNCES COMPLETION OF ITS TENDER OFFER FOR ENGRAPH, INC.
HARTSVILLE, S.C., and ATLANTA, Oct. 15 /PRNewswire/ -- Sonoco Products Company (NASDAQ-NMS: SONO) today announced the successful completion of its all-cash tender offer for all of the outstanding shares of common stock (including the associated preferred stock purchase rights) of Engraph, Inc. NASDAQ-NMS: ENGH). The tender offer expired at midnight, New York City time, on Thursday, Oct. 14, 1993. Today, Sonoco's wholly-owned subsidiary, Envoy Holdings, Inc., accepted for payment all of the approximately 17,710,525 shares, representing approximately 93 percent of Engraph's common stock, which were validly tendered and not withdrawn, including 1,004,655 shares tendered pursuant to Notices of Guaranteed Delivery. Sonoco said it expects it will soon complete the acquisition of Engraph by a merger of Envoy Holdings into Engraph in which the remaining shares of Engraph common stock will be converted into the right to receive $15.63 per share. Commenting on the successful completion of the all-cash tender offer, C.W. Coker, chairman and chief executive officer of Sonoco, and Leo Benatar, chairman and chief executive officer of Engraph, said they were pleased with the positive response of the marketplace to this merger. "We are now looking forward to completing the final details of the merger. We believe this move is going to benefit the customers of both our companies as we build on each other's strengths," they said. Following the merger, Sonoco will operate Engraph as a wholly-owned subsidiary. Leo Benatar is joining Sonoco as a corporate officer and director. He will continue with his responsibility for Engraph. Engraph, with sales of approximately $235 million, serves customers in labels and package inserts, flexible packaging, screen process printing and paperboard cartons and specialties. Headquartered in Atlanta, the company has approximatley 1,600 employees in 17 plants around the country. Sonoco is an international manufacturer of industrial and consumer packaging products with more than 250 locations in 23 countries, employing about 16,000 people. Sonoco had 1992 sales of $1.8 billion and earnings of $109 million before non-recurring charges. -0- 10/15/93 /CONTACT: Dick Puffer of Sonoco Products Company, 404-329-0332 or 803-383-7425/ (SONO ENGH)
CO: Sonoco Products Company; Engraph, Inc.; Envoy Holdings, Inc. ST: South Carolina; Georgia IN: PAP SU: TNM
MM -- CH003 -- 2607 10/15/93 09:08 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Oct 15, 1993|
|Previous Article:||PARKER REPORTS LOSS FOR FISCAL 1993|
|Next Article:||THOMAS INDUSTRIES REPORTS THIRD QUARTER SALES AND EARNINGS|