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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Published in | PR Newswire p. 1 |
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Main Author | |
Format | Newsletter |
Language | English |
Published |
New York
PR Newswire Association LLC
25.09.1995
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Subjects | |
Online Access | Get full text |
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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) |
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