UPS INCREASES EQUITY STAKE IN MAIL BOXES ETC.
UPS INCREASES EQUITY STAKE IN MAIL BOXES ETC. SAN DIEGO, Calif., Oct. 5 /PRNewswire/ -- Mail Boxes Etc.
(NASDAQ: MAIL) ("MBE") announced today that United Parcel Service ("UPS") has purchased 355,555 additional shares of MBE common stock. The purchase was effected through the exercise of warrants purchased in October 1990 in connection with the UPS acquisition of an initial block of 1,066,666 shares of MBE stock. UPS's exercise of the warrants at $12.15 per share increases UPS's equity position in MBE to 14.9 percent. The number of shares and per share prices all reflect a four-for-three stock split in April 1991 and a two-for-one stock split in April 1992.
UPS still holds one final set of warrants, entitling UPS to purchase 355,555 additional shares at $14.58 per share. The remaining warrants expire on Oct. 3, 1993. If the warrants are exercised in full prior to their expiration, UPS's equity position in MBE would increase to approximately 17.3 percent. MBE stock closed on Friday at $15.50 per share. Mail Boxes Etc. is a San Diego-based holding company, whose operating subsidiary, Mail Boxes Etc. USA Inc. is the world's largest franchisor of neighborhood service centers specializing in postal, business and communications services with more than 1,700 centers operating throughout the United States. Internationally, Mail Boxes Etc. has master licensees in nine countries: Canada, Mexico, Jamaica, Spain, Germany, France, United Kingdom, Italy and Brazil. -0- 10/5/92 /CONTACT: A.W. (Tony) DeSio, CEO of Mail Boxes Etc., 619-455-8800/ (MAIL) CO: Mail Boxes Etc.; United Parcel Service ST: California IN: SU:
BP-JB -- SD001 -- 6392 10/05/92 08:03 EDT
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|Date:||Oct 5, 1992|
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