USA: Interstate Bakeries Corporation Makes Announcement
Interstate Bakeries Corporation (NYSE:IBC - news) today announced an agreement to purchase from Ralston Purina Company ("RPC") 15,498,000 shares of IBC's common stock currently owned by RPC. The transaction, scheduled to be completed no later than September 1, 2000, will reduce RPC's holdings to 29.5% of IBC's then outstanding shares. The price per share payable by IBC shall be the average closing price per share of IBC trading on the New York Stock Exchange for the most recent 20 consecutive trading days ending on and including July 31, 2000. IBC also announced that it had amended the Shareholder Agreement with RPC. Under the amended Agreement, the provision requiring that RPC reduce its ownership to no more than 20% of IBC's common stock by September 30, 2000, has been eliminated. RPC will still be required to reduce its ownership to 15% by August 1, 2004, and 10% by August 1, 2005. IBC will continue to have the right of first offer on disposal of any IBC stock owned by RPC. Interstate Bakeries Corporation is the nation's largest wholesale baking company, with 66 bread and cake bakeries located in strategic markets from coast to coast. The Company is headquartered in Kansas City, Missouri.
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