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STANDARD COMMERCIAL ANNOUNCES TERMINATION OF PREVIOUSLY ANNOUNCED AGREEMENT IN PRINCIPLE TO MERGE WITH DIBRELL BROTHERS

 WILSON, N.C., April 26 /PRNewswire/ -- Standard Commercial Corporation (NYSE: STW) yesterday announced that after completion of its due diligence review its board of directors determined that the proposed merger with Dibrell Brothers, Incorporated (NASDAQ-NMS: DBRL) was not in the longer term best interest of Standard Commercial's shareholders. As a result, Standard's directors voted unanimously to terminate the previously announced agreement in principle to merge with Dibrell.
 J. Alec G. Murray, vice chairman and chief executive officer, stated, "Our directors and management believe that, in addition to best serving the longer term interests of our shareholders, Standard's continuation as an independent entity is in the best interests of our principal customers and suppliers and our employees."
 Standard Commercial is one of the world's largest leaf tobacco dealers and among the top international wool trading companies. It operates in virtually every tobacco and wool producing nation and sells worldwide to tobacco manufacturers and various wool users.
 -0- 4/26/93
 /CONTACT: Guy M. Ross of Standard Commercial, 919-291-5507/
 (STW DBRL)


CO: Standard Commercial Corporation; Dibrell Brothers, Incorporated ST: North Carolina, Virginia IN: TOB SU: TNM

CM -- CH002 -- 0456 04/26/93 08:20 EDT
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Publication:PR Newswire
Date:Apr 26, 1993
Words:193
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