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In Brief: Graham-Field/Everest & Jennings

This article was originally published in The Gray Sheet

Executive Summary

Graham-Field/Everest & Jennings: Modify terms of merger agreement announced June 17 ("The Gray Sheet" June 24, p. 9). Under the revised agreement, stockholders of Everest and Jennings will receive one share of Graham-Field common stock in exchange for 2.857 shares of Everest & Jennings common stock; the $14.4 mil. in cash to be paid to holders of E&J common stock under the previous agreement has been eliminated. Including E&J outstanding shares, Graham-Field will issue approximately 2.5 mil. shares for the acquisition. The merger ratio is subject to adjustment so that the value of E&J common stock does not exceed $5.50 per share as of the closing date. The merger is expected to close in November...

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