Berger (NASDAQ:BGRH)
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Euramax International, Inc. Completes Tender Offer For Berger Holdings, Ltd.
NORCROSS, Ga. and FEASTERVILLE, Pa., Nov. 18 /PRNewswire-FirstCall/ -- Euramax
International, Inc. and Berger Holdings, Ltd. announced today that Euramax
International's indirect wholly owned subsidiary, Amerimax Pennsylvania, Inc.,
has completed its all-cash tender offer for the outstanding common shares of
Berger Holdings, Ltd. ("Berger") at a price of $3.90 per share. The tender
offer expired, as scheduled, on Monday, November 17, 2003, at 12:00 midnight,
New York City time.
A preliminary count from JPMorgan Chase Bank, the depositary for the offer,
shows that approximately 4,893,763 common shares of Berger had been tendered and
accepted for payment as of the expiration of the offer (including approximately
55,250 common shares subject to guarantees of delivery), which together
represent approximately 92.8% of the outstanding common shares. There are
approximately 378,163 common shares that remain outstanding. Amerimax
Pennsylvania, Inc. will accept and promptly pay for all shares validly tendered
and not properly withdrawn prior to the expiration date. Amerimax Pennsylvania,
Inc. and Berger intend to complete a short-form merger promptly, pursuant to
which Amerimax Pennsylvania, Inc. will be merged with and into Berger, with
Berger as the surviving corporation. In connection with this merger, those
Berger shareholders who did not tender their shares in the tender offer will
have their shares converted into the right to receive $3.90 per share in cash,
subject to dissenters' rights.
D.F. King & Co., Inc. is acting as Information Agent for the tender offer.
Euramax is a leading international producer of aluminum, steel, vinyl and
fiberglass products for original equipment manufacturers, distributors,
contractors and home centers in North America and Western Europe. Berger is the
parent company of Berger Bros Co., which was founded in 1874, and is a
manufacturer of a complete line of roof drainage products specializing in copper
as well as residential and commercial snow guards. All of Berger's products are
used in new construction, remodeling, and renovation markets.
Euramax International, Inc. Contact
R. Scott Vansant, Chief Financial Officer, 770-449-7066
Berger Holdings, Ltd. Contact
Francis E. Wellock, Jr., Chief Financial Officer, 215-355-1200 ext. 122
DATASOURCE: Euramax International, Inc. and Berger Holdings, Ltd.
CONTACT: R. Scott Vansant, Chief Financial Officer of Euramax
International, Inc., +1-770-449-7066; or Francis E. Wellock, Jr., Chief
Financial Officer of Berger Holdings, Ltd., +1-215-355-1200 ext. 122
Web site: http://www.euramax.com/