📄 reut-00030.xml
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<?xml version="1.0"?><REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="12554" NEWID="372"> <DATE>2-MAR-1987 08:29:05.15</DATE> <TOPICS> <D>acq</D> </TOPICS> <PLACES> <D>usa</D> </PLACES> <PEOPLE/> <ORGS/> <EXCHANGES/> <COMPANIES/> <UNKNOWN>F f0315 reuteu f PM-PUROLATOR 03-02 0102</UNKNOWN> <TEXT> <TITLE>PUROLATOR <PCC> IN BUYOUT WITH HUTTON <EFH></TITLE> <AUTHOR>By Patti Domm</AUTHOR> <DATELINE>NEW YORK, March 2 -</DATELINE> <BODY>New Jersey-based overnight messengerPurolator Courier Corp said it has agreed to be acquired forabout 265 mln dlrs by a company formed by E.F. Hutton LBO Incand certain managers of Purolator's U.S. courier business. Analysts have said that Purolator has been for sale forsome time. Purolator announced earlier it was mulling atakeover bid, but analysts wrongly predicted the offer was fromanother courier company. Hutton LBO, a wholly owned subsidiary of E.F. Hutton GroupInc, will be majority owner of the company. Hutton said the acquiring company, PC Acquisition Inc, ispaying 35 dlrs cash per share for 83 pct of Purolator's stockin a tender offer to begin Thursday. The rest of the shareswill be purchased for securities and warrants to buy stock in asubsidiary of PC Acquisition, containing Purolator's U.S.courier operations. If all the shares of Purolator are tendered, shareholderswould receive for each share 29 dlrs cash, six dlrs indebentures, and a warrant to buy shares in a subsidiary of PCAcquisition containing the U.S. courier operations. Hutton said in the merger shareholders would get 46 mlndlrs aggregate amount of guaranteed debentures due 2002 of PCAcquisition and warrants to buy 15 pct of the common stock ofthe PC courier subsidiary. Hutton said the company has valuedthe warrants at two to three dlrs per share. Purolator's stock price closed at 35.125 dlrs on Friday.While some analysts estimated the company was worth in the mid30s, at least one said it would be worth 38 to 42 dlrs. This follows sales of two other Purolator units. It agreedrecently to sell its Canadian Courier unit to Onex Capital for170 mln dlrs, and previously sold its auto filters business. Purolator retains its Stant division, which makes closurecaps for radiators and gas tanks. A Hutton spokesman said thefirm is reviewing its options on Stant. Purolator's courier business has been lagging that of itsU.S. rivals because of the high price it paid in the pastseveral years to add air delivery to its ground fleet. E.F. Hutton will provide 279 mln dlrs of its funds tocomplete the transaction. This so-called "bridge" financingwill be replaced later with long-term debt most likely in theform of bank loans, Hutton said. Hutton LBO is committed tokeeping the courier business, its president Warren Idsal said. "Purolator lost 120 mln dlrs over the last two yearslargely due to U.S. courier operations, which we believe themanagement is turning around. We belive it will be a veryserious competitor in the future," said Idsal. William Taggart, chief executive officer of U.S. Courierdivision, will be chief executive officer of the new company. The tender offer will be conditioned on a minimum of twothirds of the common stock being tendered and not withdrawn tothe expiration of the offer as well as certain other conditions. The offer will begin Thursday, subject to clearances fromthe staff of the Interstate Commerce Commission and will expire20 business days after commencement unless extended. Reuter</BODY> </TEXT></REUTERS>⌨️ 快捷键说明
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