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THE HAMMOND CO. ANNOUNCES THE POSSIBILITY OF PURCHASING UP TO 380,000 OUTSTANDING SHARES OF COMMON STOCK

 THE HAMMOND CO. ANNOUNCES THE POSSIBILITY OF PURCHASING
 UP TO 380,000 OUTSTANDING SHARES OF COMMON STOCK
 NEWPORT BEACH, Calif., Jan. 9 /PRNewswire/ -- The Hammond Co. (NASDAQ: THCO) (the "company") announced today that it is considering the possibility of offering to purchase up to 380,000 (or approximately 30 percent) of its outstanding shares of common stock pursuant to a self-tender offer. The board of directors of the company has authorized management to determine whether private investors have sufficient interest in purchasing shares of a new series of the company's convertible preferred stock to finance the proposed tender offer. If sufficient capital can be raised on terms acceptable to the company, the board of directors is expected to proceed with the proposed tender offer at an offer price of approximately $4.00 per share.
 Successful completion of the proposed tender offer would result in the deregistration of the common stock under the Securities and Exchange Act of 1934 and the common stock no longer being eligible for quotation on National Association of Securities Dealers Automated Quotation System ("NASDAQ") National Market System.
 During 1989, the company repurchased 405,918 shares of its common stock at $5.00 per share in a dutch auction cash tender offer and related repurchase. In March 1990, the company repurchased an additional 391,390 shares of its common stock, at approximately $4.83 per share, from Fidelity National Financial Inc. In documents filed with the Securities and Exchange Commission in connection with the repurchase of shares from Fidelity National Financial Inc. the company committed to explore opportunities for the company's remaining shareholders to sell or exchange all or a portion of their shares for cash or securities or a combination thereof. The tender offer under consideration is the result of such review.
 The common stock of the company is publicly traded on the NASDAQ National Market System under the symbol "THCO."
 -0- 1/9/92
 /CONTACT: Thomas T. Hammond or Jonathan T. Bastis of The Hammond Co., 714-752-6671/
 (THCO) CO: The Hammond Co. ST: California IN: SU: TNM


EH-CH -- LA012 -- 8075 01/09/92 09:04 EST
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Publication:PR Newswire
Date:Jan 9, 1992
Words:351
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