Printer Friendly

WILAND SERVICES INC. AND NEODATA CORP. ANNOUNCE APPROVAL OF DEFINITIVE MERGER AGREEMENT

 WILAND SERVICES INC. AND NEODATA CORP.
 ANNOUNCE APPROVAL OF DEFINITIVE MERGER AGREEMENT
 BOULDER, Colo., May 4 /PRNewswire/ -- Wiland Services Inc. (NASDAQ: WSVS) and Neodata Corp. announced today the approval of a definitive merger agreement, under the terms of which Neodata will acquire the Direct Marketing Services Division of Wiland and the shareholders of Wiland will receive their pro rata share of $25 million and shares of a newly formed corporation that will operate Wiland's Consumer Products Division.
 As a part of the transaction, Wiland will contribute certain of its assets and liabilities to a newly formed, wholly owned subsidiary that will conduct the business of Wiland's Consumer Products Division and will distribute to Wiland's shareholders as a dividend the shares of the newly formed subsidiary. Subsequently, Wiland will merge with a wholly owned subsidiary of Neodata, with Wiland's shareholders receiving an amount per share in cash equal to $25 million divided by the number of shares of Wiland stock outstanding on the effective date of the merger.
 Consummation of the transaction is subject to the approval of Wiland's shareholders, regulatory approvals and various other matters. The holders of approximately two-thirds of Wiland's common stock have agreed to vote for the transaction and have granted proxies for such purposes to representatives of Neodata.
 Hicks, Muse Equity Fund, L.P. has agreed to finance the transaction for Neodata.
 The cash and stock received by Wiland's shareholders will be taxable to them and the distribution of the stock of the newly formed subsidiary will be taxable to Wiland at the corporate level.
 Phillip A. Wiland, president and chief executive officer of Wiland Services, stated, "We are pleased to be able to return to the shareholders of Wiland Services such a good price as a result of the sale of the Direct Marketing Services Division. We are also pleased for them to retain ownership of the Consumer Products Division which we will continue to build as a catalog business."
 Thomas O. Harbison, president and chief executive officer of Neodata, explained that "Wiland's Direct Marketing Services Division fits the strategic directions of Neodata and will substantially strengthen our company's ability to service our publishing and other direct marketing clients."
 Wiland has been in the direct marketing services business since 1971 and the consumer products business since 1988. Wiland's common stock is traded in the over-the-counter market under the symbol WSVS.
 For additional information, contact Mike Wolfe, 303-530-0606 at Wiland, Vicki Young, 214-871-5588 at Neodata and Jack Furst, 214-740-7300 at Hicks, Muse & Co. Inc.
 -0- 5/4/92
 /CONTACT: Mike Wolfe, VP of Wiland Services, 303-530-0606/
 (WSVS) CO: Wiland Services Inc.; Neodata Corp. ST: Colorado IN: SU: TNM


CH -- LA010 -- 5911 05/04/92 10:04 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 4, 1992
Words:451
Previous Article:INVENTOR SOLVES ANNOYING PROBLEM OF LOSING YOUR PLACE WHILE READING
Next Article:GWC CORPORATION REPORTS FIRST QUARTER 1992 EARNINGS


Related Articles
NEODATA CORPORATION FILES FOR INITIAL OFFERING OF 2.6 MILLION COMMON SHARES
CONCEPTS DIRECT ANNOUNCES OFFICERS
CONCEPTS DIRECT ANNOUNCES RESULTS
CONCEPTS DIRECT ANNOUNCES RESULTS
CONCEPTS DIRECT ANNOUNCES RESULTS
CONCEPTS DIRECT ANNOUNCES QUARTERLY RESULTS
CANONIE ENVIRONMENTAL SERVICES CORP., BCM ENGINEERS, INC. ANNOUNCE MERGER
CONCEPTS DIRECT ANNOUNCES RESULTS
KEMPER FUND BOARDS APPROVE INVESTMENT MANAGEMENT AGREEMENTS REQUIRED BY PROPOSED KEMPER/CONSECO MERGER
S&P Places Neodata Services B- Rating on Watch, Positive

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