Printer Friendly

TERMIFLEX SPECIAL COMMITTEE RETAINS ADVISORS

 MERRIMACK, N.H., Nov. 12 /PRNewswire/ -- Termiflex Corporation (NASDAQ: TFLX) today announced that in response to the offer from a corporation to be formed by William E. Fletcher, the company's chief executive officer and largest shareholder, to acquire Termiflex Corporation in a leveraged buyout merger transaction, the special committee of independent outside directors has retained the law firm of Posternak, Blankstein & Lund of Boston, Mass., to advise Termiflex Corporation on these matters. The special committee of independent outside directors has also retained the investment banking firm of Adams, Harkness and Hill of Boston, Mass., to review the offer by Fletcher and to be available to receive proposals to acquire Termiflex Corporation from all credible parties wishing to present such proposals. Pursuant to Fletcher's proposal, all of the outstanding shares of Termiflex Corporation's common stock would be converted into the right to receive, at the option of the stockholder, either(a) $2.75 in cash and $2.00 principal amount of 10 percent subordinated debt of the surviving corporation, or (b) $5.25 principal amount of 10 percent subordinated debt of the surviving corporation. Fletcher's proposal is subject to financing and to the approval of the holders of at least two-thirds of the company's outstanding stock.
 The special committee announced that no determination has been made regarding the acceptability of any proposal made at any price level. The special committee believes that the consideration of additional proposals would serve the best interest of all shareholders.
 Termiflex Corporation designs, manufactures and sells rugged, handheld and panel-mounted terminals used as operator control panels, service units and data acquisition devices with microprocessor-based commercial, industrial and military equipment.
 -0- 11/12/93 R
 /CONTACT: Lawrence A. Kletter, Esq. of Termiflex Corp., 617-973-6119/
 (TFLX)


CO: Termiflex Corporation ST: New Hampshire IN: CPR SU:

OP -- NE009R -- 3881 11/12/93 16:40 EST
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:Nov 12, 1993
Words:306
Previous Article:MODAMI ANNOUNCES SUCCESSFUL LAUNCH OF UP-CHARGE PROGRAM
Next Article:MERRY LAND BUYS ATLANTA PROPERTY
Topics:

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