Galey Lord and Graniteville Co, A Triarc subsidiary, to merge

Galey & Lord, Inc. (NYSE: GNL) and Triarc Companies, Inc. (NYSE: TRY) today announced that they have entered into a Letter of Intent to merge the Graniteville Company, a subsidiary of Triarc, into Galey & Lord. The Letter of Intent is subject to the execution of a definitive agreement, board...

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Bibliographic Details
Published inPR Newswire p. 1
Main Author Harmon, Mike
Format Newsletter
LanguageEnglish
Published New York PR Newswire Association LLC 25.09.1995
Subjects
Acquisitions & mergers
Noncompliance
Textile industry
Textiles
Waivers
New York
Middle Atlantic
United States > US
NY
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Summary:Galey & Lord, Inc. (NYSE: GNL) and Triarc Companies, Inc. (NYSE: TRY) today announced that they have entered into a Letter of Intent to merge the Graniteville Company, a subsidiary of Triarc, into Galey & Lord. The Letter of Intent is subject to the execution of a definitive agreement, boards of directors approval, Galey & Lord shareholders' approval, other regulatory approvals and other customary closing conditions. The agreement contemplates the issuance of approximately 6,400,000 shares (or 34.5%) of Galey & Lord's outstanding shares on a fully diluted basis to Triarc. Galey & Lord is also assuming approximately $174 million of Graniteville's debt as part of the transaction. C.H. Patrick & Company, the specialty chemical subsidiary of Graniteville, and certain other non-textile related real estate assets are excluded from the transaction. (excerpt)