wsj_0660.xml
WSJ891030-0037
WSJ891030-0037
=
891030
=
891030
891030-0037
.
891030-0037
.
International
Brief
--
Erbamont
N.V.
:
@
Montedison
Agrees
to
Buy
@
Rest
of
Stock
for
$
37
Each
International
Brief
--
Erbamont
N.V.
:
@
Montedison
Agrees
to
Buy
@
Rest
of
Stock
for
$
37
Each
10/30/89
10/30/89
10/30/89
WALL
STREET
JOURNAL
(
J
)
WALL
STREET
JOURNAL
(
J
)
MNT
ERB
MNT
ERB
TENDER
OFFERS
,
MERGERS
,
ACQUISITIONS
(
TNM
)
TENDER
OFFERS
,
MERGERS
,
ACQUISITIONS
(
TNM
)
Montedison
S.p.A.
definitively
agreed
to
buy
all
of
the
publicly
held
shares
of
Erbamont
N.V.
for
$
37
each
.
Montedison
now
owns
about
72
%
of
Erbamont
's
shares
outstanding
.
The
companies
said
the
accord
was
unanimously
approved
by
a
special
committee
of
Erbamont
directors
unaffiliated
with
Montedison
.
Under
the
pact
,
Montedision
will
make
a
$
37-a-share
tender
offer
for
Erbamont
stock
outstanding
.
The
tender
offer
will
be
followed
by
the
sale
of
all
of
Erbamont
's
assets
,
subject
to
all
of
its
liabilities
,
to
Montedison
.
Erbamont
will
then
be
liquidated
,
with
any
remaining
Erbamont
holders
receiving
a
distribution
of
$
37
a
share
.
The
companies
said
the
transaction
is
being
structured
this
way
because
the
laws
of
the
Netherlands
Antilles
,
under
which
Erbamont
is
organized
,
do
n't
provide
for
merger
transactions
.