THE ALPINE GROUP, INC. ANNOUNCES RESULTS OF CASH ELECTIONS IN MERGER WITH SUPERIOR TELETEC INC.
NEW YORK, Jan. 12 /PRNewswire/ -- The Alpine Group, Inc. (AMEX: AGI) today announced the results of cash elections made by holders of Superior TeleTec Inc. common stock pursuant to the merger of the two companies, which was completed on Nov. 10, 1993. In the merger, Superior became a wholly owned subsidiary of Alpine. Under the terms of Alpine's merger agreement with Superior, each Superior shareholder elected to receive .696 of a share of Alpine common stock for each Superior share, or .461 of an Alpine share and cash in the amount of $2.50. The election period terminated on Monday, Jan. 10, 1994 at 5 p.m. (New York time). Based on the report of the Exchange Agent for the merger, holders of 7,597,082 shares of Superior common stock, out of a total 8,714,940 Superior shares outstanding, made the following elections: (i) holders of 6,799,949 shares, representing 78% of Superior's outstanding shares, made cash and stock elections; and (ii) holders of 797,133 shares made all stock elections. Pursuant to completion of the Superior merger, Alpine will pay by no later than Jan. 20, 1994, an aggregate of approximately $17 million (without regard to cash payments for fractional shares) to holders of Superior common stock who made cash elections, and also will issue an aggregate of 4,467,610 shares of Alpine common stock to holders of Superior common stock. The Alpine Group, Inc., headquartered in New York, is a holding company with continuing operations in information display, telecommunications, defense electronics and datacommunications businesses. Through its Alpine PolyVision, Inc. subsidiary, Alpine is developing PolyVision, a proprietary flat panel display technology, for commercial applications in a wide variety of markets. Alpine's information display activities also include Posterloid Corporation, which manufactures and markets menuboard display systems to fast food and convenience store markets. Superior TeleTec Inc. manufactures and sells telecommunications products primarily to the independent telephone holding companies and the Regional Bell Operating Companies. DNE Technologies, Inc. specializes in the advanced design, development and production of datacommunications, avionics, printers and other components and systems for government and commercial markets. -0- 1/12/94 /CONTACT: Lynn Morgen or Bernie Kilkelly of Morgen-Walke Associates, 212-850-5600/ (AGI)
CO: The Alpine Group, Inc.; Superior TeleTec Inc. ST: New York IN: CPR SU: TNM
TW -- NY073 -- 1511 01/12/94 15:58 EST
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|Date:||Jan 12, 1994|
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