<PAGE> 1
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JUNE 28, 1996
------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13E-3/A
AMENDMENT NO. 1 TO
RULE 13E-3 TRANSACTION STATEMENT
(PURSUANT TO SECTION 13(E) OF THE SECURITIES EXCHANGE ACT OF 1934)
UNIVAR CORPORATION
(Name of the Issuer)
ROYAL PAKHOED, N.V.
UC ACQUISITION CORP.
(Name of Person(s) Filing Statement)
COMMON SHARES, NO PAR VALUE PER SHARE
(Title of Class of Securities)
913 353 10 8
(CUSIP Number of Class of Securities)
N. J. Westdijk
Chairman of the Board of Management
ROYAL PAKHOED, N.V.
333 Blaak
3011 G.B. Rotterdam
The Netherlands
TELEPHONE NUMBER: 011-31-10-400-2911
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications on Behalf of Person(s) Filing Statement)
COPIES TO:
Nicholas Unkovic, Esq.
Lawrence B. Low, Esq.
Graham & James LLP
One Maritime Plaza, Suite 300
San Francisco, CA 94111
Telephone: (415) 954-0200
This statement is filed in connection with (check the appropriate box):
a. / / The filing of solicitation materials or an information statement
subject to Regulation 14A, Regulation 14C, or Rule 13e-3(c) under Securities
Exchange Act of 1934.
b. / / The filing of a registration statement under the Securities Act
of 1933.
c. /X/ A tender offer.
d. / /None of the above.
Check the following box if the soliciting materials or information
statement referred to in checking box (a) are preliminary copies. / /
Calculation of Filing Fee
- -------------------------------------------------------------------------------
Transaction Valuation Amount of Filing Fee
$303,992,121.80 $60,798.42
- -------------------------------------------------------------------------------
/X/ Check box if any part of the fee is offset as provided by Rule 0-11(a)(2)
and identify the filing with which the offsetting fee was previously paid.
Identify the previous filing by registration statement number, or the form
or schedule and the date of its filing.
<TABLE>
<CAPTION>
<S> <C>
Amount Previously Paid: $60,798.42 Filing party: Royal Pakhoed, N.V.,
Form or Registration No.: Schedule 14D-1 Pakhoed Investeringen B.V.,
Pakhoed USA Inc. and
UC Acquisition Corp.
Date filed: June 7, 1996
</TABLE>
* For purposes of calculating the filing fee only. This amount assumes the
purchase of 15,629,415 shares of Common Shares at $19.45 in cash per share.
The amount of the filing fee calculated in accordance with Regulation
240.0-4 of the Securities Exchange Act of 1934 equals 1/50th of one
percentum of the value of the shares to be purchased.
<PAGE> 2
This Amendment No. 1 amends Item 17 of the Rule 13E-3 Transaction
Statement (as amended, the "Schedule 13E-3") of UC Acquisition Corp., a
Washington corporation ("Buyer") and Royal Pakhoed N.V., a limited liability
company formed and existing under the laws of The Netherlands ("Parent"), filed
with the Securities and Exchange Commission ( the "Commission") on June 7, 1996,
relating to a tender offer by Buyer for all outstanding common shares, without
par value (the "Shares") of Univar Corporation, a Washington corporation
("Company"). Unless otherwise indicated, all capitalized terms used but not
defined herein shall have the same meaning as set forth in the Schedule 13E-3.
ITEM 17. MATERIALS TO BE FILED AS EXHIBITS
(b) (2) Report by Schroder Wertheim & Co. Incorporated to Univar Corporation
Board of Directors, dated May 31, 1996 (the "Schroder Report"). A
paper filing was made of the Schroder Report by letter dated June 6,
1996 under cover of Form SE addressed to the Commission. A continuing
hardship exemption was granted by the Commission to Buyer and Parent
pursuant to Rule 202(d) of Regulation S-T, promulgated under the
Securities Act of 1933, as amended, so that the Schroder Report was
not filed on June 7, 1996 by Edgar, when the Schedule 13E-3 was
initially filed. Buyer and Parent now submit the Schroder report by
Edgar filing.
(d) (9) Summary Notice Advertisement, dated June 7, 1996.
<PAGE> 3
SIGNATURE
After due inquiry and to the best of its knowledge and belief, each of the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Dated: June 28, 1996
ROYAL PAKHOED N.V.
By:
-------------------------
Dr. Sjoerd D. Eikelboom,
Senior Vice President
UC ACQUISITION CORP.
By:
-------------------------
R. E. Wansik,
Vice President
<PAGE> 4
EXHIBIT INDEX
Exhibit No. Description
99.(b)(2) Report by Schroder Wertheim & Co. Incorporated to Univar
Corporation Board of Directors, dated May 31, 1996.
99.(d)(9) Summary Notice Advertisement, dated June 7, 1996.
<PAGE> 1
Exhibit 99(b)(2)
Confidential Presentation to
the Board of Directors of
UNIVAR CORPORATION
[LOGO] Schroders
SCHRODER WERTHEIM & CO
Incorporated
May 31, 1996
<PAGE> 2
Univar Corporation
________________________________________________________________________________
<TABLE>
<CAPTION>
TABLE OF CONTENTS
<S> <C>
A. Preface
B. Executive Summary
C. Selected Historical and Projected Financial Data
D. Comparison of 1997 Year-to-Date Results to 1997 Budget and 1996 Actual Results
E. Analysis of Historical Trading Prices and Volumes of Univar Corporation Common Stock
F. Analysis of Premiums Paid in Recent Merger & Acquisition Transactions (1992 to 1996)
G. Analysis of Selected Publicly Traded Chemical and Industrial Distributors
H. Analysis of Selected Chemical and Industrial Distributors Mergers and Acquisitions (1994 to 1996)
I. Discounted Cash Flow Analysis
J. Discounted Cash Flow Sensitivity Analysis
K. Discounted Value of Future Estimated Stock Prices Based on Current P/E Multiples
L. Leveraged Buyout Analysis
</TABLE>
________________________________________________________________________________
SCHRODER WERTHEIM & CO,
INCORPORATED
<PAGE> 3
Univar Corporation
________________________________________________________________________________
PREFACE
This report has been prepared by Schroder Wertheim & Co. Incorporated
("Schroder Wertheim") for the Board of Directors of Univar Corporation
("Univar" or the "Company ") in connection with Schroder Wertheim's opinion
(the "Opinion") as to the fairness, from a financial point of view, of the
consideration (the "Consideration") to be received by the shareholders of the
Company other than Royal Pakhoed N.V. ("Pakhoed"), UC Acquisition Corporation
("UC"), an indirect wholly-owned subsidiary of Pakhoed, and their affiliates,
in the acquisition by Pakhoed of all of the outstanding shares of Common Stock
of Univar (the "Transaction"). This report and the Opinion are for the
information of the Board of Directors of the Company solely for its use in
evaluating the fairness from a financial point of view of the Consideration to
the shareholders of the Company other than Pakhoed, UC and their affiliates and
may not be used for any other purpose or referred to without our prior written
consent.
The Opinion does not constitute a recommendation as to any action the Board of
Directors of the Company or any stockholder of the Company should take in
connection with the Transaction or any aspect thereof. In rendering the
Opinion, we have not been engaged as an agent or fiduciary of the Company's
shareholders or of any other third party. The opinion relates solely to the
fairness from a financial point of view of the Consideration to the
shareholders of Univar other than Pakhoed, UC or their affiliates. We express
no opinion as to the structure, terms or effect of any other aspect of the
Transaction.
In rendering the Opinion, we have assumed and relied upon the accuracy and
completeness of all information supplied or otherwise made available to us by
Univar or obtained by us from other sources, and upon the assurance of Univar's
management that they are not aware of any information or facts that would make
the information provided to us incomplete or misleading. We have not
independently verified such information, undertaken an independent appraisal of
the assets or liabilities (contingent or otherwise) of Univar, or been
furnished with any such appraisals. With respect to financial forecasts for
Univar, we have been advised by Univar, and we have assumed, without
independent investigation, that they have been reasonably prepared and reflect
the best currently available estimates and judgment as to the expected future
financial performance of Univar.
We have reviewed various analytical methodologies for their applicability to
the evaluation of the fairness, from a financial point of view, of the
Transaction; we believe that the analytical methodologies contained herein are
the relevant methodologies for evaluating the Transaction. Our conclusion is
based on all the analyses and factors presented herein taken as a whole and
also on application of our experience and judgment. Such conclusion may involve
significant elements of subjective judgment and qualitative analysis. We
therefore give no opinion as to the value or merit standing alone of any one or
more parts of the material that follows. Our only opinion is the formal
written opinion that we have expressed as to the fairness from a financial
point of view of the Consideration being paid to the shareholders of Univar
other than Pakhoed, UC or their affiliates in the Transaction. The Opinion,
the analyses contained herein and all conclusions drawn from such analyses are
necessarily based upon market, economic and other conditions that exist and can
be evaluated as of the date of this presentation, and on information available
to us as of the date hereof. We disclaim any undertaking or obligation to
advise any person of any change in any fact or matter affecting the Opinion
which may come or be brought to our attention after the date hereof unless
specifically requested to do so.
________________________________________________________________________________
SCHRODER WERTHEIM & CO.
INCORPORATED
<PAGE> 4
Univar Corporation
________________________________________________________________________________
EXECUTIVE SUMMARY
Overview of the Transaction
- Royal Pakhoed N.V. ("Pakhoed") is contemplating the acquisition of
Univar Corporation ("Univar" or the "Company"), through UC Acquisition
Corporation ("UC"), an indirect wholly-owned subsidiary of Pakhoed.
Univar has requested that Schroder Wertheim & Co. Incorporated
("Schroder Wertheim") render an opinion (the "Opinion"), as investment
bankers to the Board of Directors of Univar, as to the fairness, from
a financial point of view, of the consideration to be received by the
shareholders of the Company other than Pakhoed, UC and their
affiliates.
- The proposed transaction will involve the acquisition by Pakhoed of
all of the outstanding shares of Univar Common Stock not currently
owned by Pakhoed, UC and their affiliates (the "Transaction"). There
are currently 21,735,415 shares of Univar Common Stock issued and
outstanding as of the date hereof and options to acquire an additional
1,741,072 shares exercisable at an average price of $11.15 per share.
In addition, The Dow Chemical Company ("Dow") has an option to acquire
101,874 shares of Series A Convertible Preferred Stock at a price of
$93.70 per share, each share of which is convertible into five shares
of Univar Common Stock.
- Pursuant to a tender offer to be made by UC (the "Tender Offer"), the
holders of Univar Common Stock, other than Pakhoed, UC and their
affiliates, would receive $19.45 in cash in exchange for each share of
Univar Common Stock tendered. As discussed in the proposed Agreement
and Plan of Reorganization among Pakhoed, UC and the Company (the
"Reorganization Agreement"), in the event the Tender Offer is extended
beyond July 31, 1996, the price per share to be paid to shareholders
of the Company in the Transaction shall be increased by an amount
equal to the product of (i) $19.45; (ii) the prime interest rate as
announced by Bank of America NW, N.A. (doing business as Seafirst
Bank) in Seattle, Washington as in effect on August 1, 1996; and (iii)
the quotient obtained by dividing (x) the number of days the Tender
Offer is extended beyond July 31, 1996, by (y) 365. Option holders
(excluding option holders who exercise their options prior to the
expiration of the Tender Offer) would receive in cash the positive
difference, if any, between the highest price paid to shareholders of
the Company who tendered their shares in the Tender Offer and the
exercise price per share of such option.
________________________________________________________________________________
SCHRODER WERTHEIM & CO.
INCORPORATED Page 1
<PAGE> 5
Univar Corporation
________________________________________________________________________________
- The Reorganization Agreement provides that the Company will pay to
Pakhoed a break-up fee of $4,000,000 in the event that the
Reorganization Agreement is terminated as a result of the Board's
approval of an unsolicited offer from a third party.
- The Transaction price of $19.45 represents a 57.2% premium over
Univar's closing stock price on May 30, 1996, and a 60.0% premium over
Univar's average closing price in the four-week period preceding May
30, 1996.
- The implied aggregate purchase price for 100% of the equity, and
corresponding enterprise value, is as follows:
<TABLE>
<CAPTION>
(in millions, except per share data)
<S> <C>
Proposed Purchase Price Per Share $19.45
Shares Outstanding 21.7
------
422.8
Plus: Purchase Price of Options (1) 14.5
Plus: Purchase Price of Dow Option (2) 0.4
------
Proposed Purchase Price of Equity (3) 437.6
Net Debt at 4/30/96 195.9
------
Proposed Enterprise Value $633.5
(1) Assumes 1,741,072 options at an average exercise price of $11.15 per share.
(2) 509,370 common stock equivalents at an average exercise price of $18.74 per
share.
(3) Pakhoed's purchase price of equity, excluding the 6.1 million shares it
currently owns, is approximately $320 million.
</TABLE>
________________________________________________________________________________
SCHRODER WERTHEIM & CO.
INCORPORATED Page 2
<PAGE> 6
Univar Corporation
________________________________________________________________________________
- The following table provides a summary of the implied multiples of
Univar's historical and projected financial results based on the
Transaction price of $19.45:
<TABLE>
<CAPTION>
LTM FY1997P
<S> <C> <C>
EV*/EBITDA** 11.0x 7.5x
EV*/EBIT*** 21.6x 11.9X
Price/EPS 50.9x 18.1x
* Equity value plus debt minus cash.
** Earnings before interest, depreciation, amortization and taxes.
*** Earnings before interest and taxes.
</TABLE>
- All valuations and premiums in this presentation are based on an
offer price of $19.45 per share.
________________________________________________________________________________
SCHRODER WERTHELM & CO.
INCORPORATED Page 3
<PAGE> 7
Univar Corporation
_______________________________________________________________________________
Overview of Work Performed
In connection with the Opinion, we have, among other things:
o reviewed a draft, dated May 30, 1996, of the Reorganization Agreement;
o reviewed a draft, dated May 30, 1996, of the Schedule 14D-1 to be filed by
UC with the Securities and Exchange Commission in connection with the
Tender Offer, including a draft of the Offer to Purchase incorporated
therein by reference;
o reviewed a draft, dated May 30, 1996, of the Schedule 14D-9 to be filed by
the Company with the Securities and Exchange Commission in connection with
the Tender Offer;
o reviewed the Company's Annual Reports on Form 10-K filed with the
Securities and Exchange Commission for the fiscal years ended February
1992, 1993, 1994, 1995 and 1996, including the audited consolidated
financial statements of Univar included therein;
o reviewed historical financial results of Univar by operating division
prepared by management;
o reviewed forecasts and projections for Univar prepared or supplied by
Univar management for the fiscal years ending February 1997 through 2002;
o held discussions with Univar management regarding the business, operations
and prospects of the Company;
o performed various valuation analyses, as we deemed appropriate, of Univar
using generally accepted analytical methodologies, including: (i) the
application to the financial results of Univar of the public trading
multiples of companies which we deemed comparable; (ii) the application to
the financial results of Univar of the multiples reflected in recent
mergers and acquisitions for businesses which we deemed comparable; and
(iii) discounted cash flow and leveraged buyout analyses of Univar's
operations;
o reviewed the historical trading prices and volumes of Univar Common Stock;
and
o performed such other financial studies, analyses, inquiries and
investigations as we deemed appropriate.
_______________________________________________________________________________
SCHRODER WERTHEIM & CO.
INCORPORATED Page 4
<PAGE> 8
Univar Corporation
______________________________________________________________________________
SELECTED HISTORICAL AND PROJECTED FINANCIAL DATA
________________________________________________________________________________
SCHRODER WERTHEIM & CO.
INCORPORATED
<PAGE> 9
SCHRODER WERTHEIM & CO. UNIVAR CORPORATION
INCORPORATED FINANCIAL SUMMARY
(dollars in thousands)
<TABLE>
<CAPTION>
Actual Year Ended February 28,
--------------------------------------
1994 1995 1996
---------- ---------- -----------
<S> <C> <C> <C>
Revenue
Consolidated $1,802,463 $1,912,727 $2,037,674
Van Waters & Rogers Inc. & Corporate 1,251,549 1,273,429 1,276,709
Van Waters & Rogers Ltd. 295,563 356,088 401,338
Univar Europe 255,351 283,210 359,627
Gross Profit
Consolidated $269,532 $273,672 $280,834
Van Waters & Rogers Inc. & Corporate 189,281 181,755 172,588
Van Waters & Rogers Ltd. 38,944 45,383 51,050
Univar Europe 41,307 46,534 57,196
EBITDA
Consolidated $54,594 $51,925 $55,831
Van Waters & Rogers Inc. & Corporate 34,758 24,298 18,943
Van Waters & Rogers Ltd. 12,293 17,538 21,645
Univar Europe 7,543 10,089 15,243
EBIT
Consolidated $27,145 $24,905 $26,695
Van Waters & Rogers Inc. & Corporate 13,262 2,575 (3,142)
Van Waters & Rogers Ltd. 9,940 15,370 18,935
Univar Europe 3,943 6,960 10,903
Gross Margin
Consolidated 15.0% 14.3% 13.8%
Van Waters & Rogers Inc. & Corporate 15.1% 14.3% 13.5%
Van Waters & Rogers Ltd. 13.2% 12.7% 12.7%
Univar Europe 16.2% 16.4% 15.9%
EBITDA Margin
Consolidated 3.0% 2.7% 2.7%
Van Waters & Rogers Inc. & Corporate 2.8% 1.9% 1.5%
Van Waters & Rogers Ltd. 4.2% 4.9% 5.4%
Univar Europe 3.0% 3.6% 4.2%
EBIT Margin
Consolidated 1.5% 1.3% 1.3%
Van Waters & Rogers Inc. & Corporate 1.1% 0.2% (0.2%)
Van Waters & Rogers Ltd. 3.4% 4.3% 4.7%
Univar Europe 1.5% 2.5% 3.0%
</TABLE>
<TABLE>
<CAPTION>
Projected Year Ended February 28,
--------------------------------------------------------------------------- CAGR
1997 1998 1999 2000 2001 2002 1996-2002
---------- ----------- ---------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Revenue
Consolidated $2,213,512 $2,380,730 $2,533,284 $2,675,677 $2,810,310 $2,952,387 6.4%
Van Waters & Rogers Inc. & Corporate 1,344,041 1,450,100 1,537,106 1,613,961 1,678,520 1,745,660 5.4%
Van Waters & Rogers Ltd. 419,961 445,159 471,869 495,462 520,235 546,247 5.3%
Univar Europe 449,510 485,471 524,309 566,254 611,554 660,479 10.7%
Gross Profit
Consolidated $317,132 $346,135 $377,200 $399,757 $420,127 $441,643 7.8%
Van Waters & Rogers Inc. & Corporate 191,433 210,264 230,566 242,094 251,778 261,849 7.2%
Van Waters & Rogers Ltd. 54,443 57,710 61,172 64,231 67,442 70,815 5.6%
Univar Europe 71,256 78,161 85,462 93,432 100,906 108,979 11.3%
EBITDA
Consolidated $84,871 $101,512 $121,596 $133,736 $143,488 $156,694 18.8%
Van Waters & Rogers Inc. & Corporate 39,700 50,171 63,658 69,024 72,513 77,196 26.4%
Van Waters & Rogers Ltd. 23,632 25,723 27,965 29,841 31,832 34,136 7.9%
Univar Europe 21,539 25,618 29,973 34,871 39,143 45,363 19.9%
EBIT
Consolidated $53,090 $69,159 $89,923 $102,265 $112,457 $125,563 29.4%
Van Waters & Rogers Inc. & Corporate 16,422 26,421 40,688 46,356 50,385 55,068 NM
Van Waters & Rogers Ltd. 20,559 22,650 24,892 26,768 28,759 31,063 8.6%
Univar Europe 16,109 20,088 24,343 29,141 33,313 39,433 23.9%
Gross Margin
Consolidated 14.3% 14.5% 14.9% 14.9% 14.9% 15.0%
Van Waters & Rogers Inc. & Corporate 14.2% 14.5% 15.0% 15.0% 15.0% 15.0%
Van Waters & Rogers Ltd. 13.0% 13.0% 13.0% 13.0% 13.0% 13.0%
Univar Europe 15.9% 16.1% 16.3% 16.5% 16.5% 16.5%
EBITDA Margin
Consolidated 3.8% 4.3% 4.8% 5.0% 5.1% 5.3%
Van Waters & Rogers Inc. & Corporate 3.0% 3.5% 4.1% 4.3% 4.3% 4.4%
Van Waters & Rogers Ltd. 5.6% 5.8% 5.9% 6.0% 6.1% 6.2%
Univar Europe 4.8% 5.3% 5.7% 6.2% 6.4% 6.9%
EBIT Margin
Consolidated 2.4% 2.9% 3.5% 3.8% 4.0% 4.3%
Van Waters & Rogers Inc. & Corporate 1.2% 1.8% 2.6% 2.9% 3.0% 3.2%
Van Waters & Rogers Ltd. 4.9% 5.1% 5.3% 5.4% 5.5% 5.7%
Univar Europe 3.6% 4.1% 4.6% 5.1% 5.4% 6.0%
</TABLE>
<PAGE> 10
Univar Corporation
__________________________________________________________________________
COMPARISON OF 1997 YEAR-TO-DATE RESULTS TO
1997 BUDGET AND 1996 ACTUAL RESULTS
_________________________________________________________________________
SCHRODER WERTHEIM & CO,
INCORPORATED
<PAGE> 11
SCHRODER WERTHEIM & CO.
INCORPORATED
UNIVAR CORPORATION
1997 YEAR TO DATE ANALYSIS
<TABLE>
<CAPTION>
(in millions) U.S. & E.O. Canada Europe Consolidated
----------------------- --------------------- ---------------------- -----------------------
March April YTD March April YTD March April YTD March April YTD
---- ---- ----- ---- ---- ---- ----- ----- ---- ----- ----- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUES
--------------------
Actual 1997 $105.9 $109.1 $214.9 $36.0 $44.3 $80.3 $40.1 $36.1 $76.2 $182.0 $189.4 $371.4
Budget 1997 107.9 114.5 222.4 34.8 46.3 81.1 39.5 37.6 77.1 180.6 198.4 379.0
----- ----- ----- ---- ---- ---- ----- ----- ---- ----- ----- -----
Variance from Budget (2.0) (5.5) (7.5) 1.2 (2.1) (0.8) 0.6 (1.6) (1.0) 1.4 (9.0) (7.6)
Actual 1996 114.1 101.7 215.8 35.9 39.9 75.8 29.2 29.0 58.2 179.2 170.5 349.7
----- ----- ----- ---- ---- ---- ----- ----- ---- ----- ----- -----
Variance from 1996 (8.2) 7.4 (0.8) 0.1 4.4 4.5 11.0 7.0 18.0 2.8 18.8 21.7
GROSS PROFIT
--------------------
Actual 1997 $16.1 $15.3 $31.4 $4.6 $5.7 $10.3 $6.4 $6.0 $12.4 $27.1 $27.0 $54.1
Budget 1997 15.3 16.3 31.6 4.7 5.7 10.4 6.2 6.0 12.2 26.0 27.9 53.9
----- ----- ----- ---- ---- ---- ----- ----- ---- ----- ----- -----
Variance from Budget 0.8 (1.0) (0.2) (0.1) 0.0 (0.1) 0.2 0.1 0.2 1.1 (0.9) 0.2
Actual 1996 16.9 14.7 31.5 4.4 4.7 9.2 5.0 4.6 9.5 26.2 24.0 50.2
----- ----- ----- ---- ---- ---- ----- ----- ---- ----- ----- -----
Variance from 1996 (0.7) 0.6 (0.1) 0.2 0.9 1.1 1.4 1.4 2.9 0.9 3.0 3.9
EBIT
--------------------
Actual 1997 $2.4 $1.0 $3.3 $1.8 $2.8 $4.6 $1.9 $1.4 $3.3 $6.1 $5.2 $11.3
Budget 1997 0.7 1.5 2.1 1.9 2.9 4.7 1.6 1.4 3.1 3.9 5.7 9.7
----- ----- ----- ---- ---- ---- ----- ----- ---- ----- ----- ----
Variance from Budget 1.7 (0.5) 1.2 (0.0) (0.0) (0.1) 0.2 0.0 0.3 2.2 (0.5) 1.6
Actual 1996 2.3 0.0 2.3 1.7 2.2 4.0 1.4 1.0 2.4 5.4 3.3 8.6
----- ----- ----- ---- ---- ---- ----- ----- ---- ----- ----- ----
Variance from 1996 0.1 1.0 1.1 0.1 0.6 0.7 0.5 0.4 0.9 0.7 1.9 2.6
GROSS MARGIN
--------------------
Actual 1997 15.3% 14.0% 14.6% 12.7% 12.9% 12.8% 15.9% 16.7% 16.3% 14.9% 14.2% 14.6%
Budget 1997 14.2% 14.2% 14.2% 13.5% 12.2% 12.8% 15.7% 15.9% 15.8% 14.4% 14.1% 14.2%
----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Variance from Budget 1.1% (0.2%) 0.4% (0.7%) 0.6% 0.0% 0.2% 0.8% 0.5% 0.5% 0.2% 0.3%
Actual 1996 14.8% 14.4% 14.6% 12.3% 11.9% 12.1% 17.0% 15.8% 16.4% 14.6% 14.1% 14.4%
----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Variance from 1996 0.5% (0.4%) 0.0% 0.5% 0.9% 0.7% (1.1%) 0.9% (0.1%) 0.3% 0.2% 0.2%
EBIT MARGIN
--------------------
Actual 1997 2.3% 0.9% 1.6% 5.1% 6.3% 5.8% 4.7% 4.0% 4.4% 3.3% 2.8% 3.0%
Budget 1997 0.6% 1.3% 1.0% 5.4% 6.2% 5.8% 4.2% 3.8% 4.0% 2.2% 2.9% 2.5%
----- ----- ----- ---- ---- ---- ----- ----- ---- ----- ----- ----
Variance from Budget 1.6% (0.4%) 0.6% (0.3%) 0.2% (0.1%) 0.5% 0.2% 0.4% 1.2% (0.1%) 0.5%
Actual 1996 2.0% 0.0% 1.1% 4.8% 5.6% 5.2% 4.6% 3.6% 4.1% 3.0% 1.9% 2.5%
----- ----- ----- ---- ---- ---- ----- ----- ---- ----- ----- ----
Variance from 1996 0.3% 0.9% 0.5% 0.2% 0.7% 0.5% 0.0% 0.4% 0.4% 0.3% 0.8% 0.6%
</TABLE>
<PAGE> 12
Univar Corporation
________________________________________________________________________________
ANALYSIS OF HISTORICAL TRADING PRICES AND VOLUMES OF
UNIVAR COMMON STOCK
________________________________________________________________________________
Schroder Wertheim & Co,
Incorporated
<PAGE> 13
UNIVAR CORPORATION
HISTORICAL STOCK PRICE/VOLUME
(January 1, 1996 to Present)
This chart presents three types of data: 1) the fluctuations in stock prices of
Univar Corporation ("Company") during the period from January 1, 1996 to May 30,
1996; 2) the stock price fluctuations reflected by the S&P 400 Index during the
period of January 1, 1996 to May 30, 1996; and 3) the volume of trading of
Company stock from January 1, 1996 to May 30, 1996. The chart is a line graph
measured vertically by stock price and volume in trading, and measured
horizontally by time period, marked by the following dates: January 1, January
22, February 12, March 4, March 25, April 15, May 6, and May 27.
<PAGE> 14
UNIVAR CORPORATION
HISTORICAL STOCK PRICE/VOLUME
(January 1, 1990 to Present)
This chart presents three types of data: 1) the fluctuations in stock prices of
Company during the period from January 1, 1990 to May 30, 1996; 2) the stock
price fluctuations reflected by the S&P 400 Index during the period of January
1, 1990 to May 30, 1996; and 3) the volume of trading of Company stock from
January 1, 1990 to May 30, 1996. The chart is a line graph measured vertically
by stock price and volume in trading, and measured horizontally by time period,
marked by the following dates: January 1, 1990, January 23, 1991, February 14,
1992, March 9, 1993, March 31, 1994, April 24, 1995, and May 15, 1996.
<PAGE> 15
UNIVAR CORPORATION
RELATIVE HISTORICAL STOCK PERFORMANCE
VS. INDEXED COMPARABLE COMPANIES VS. S&P 400
(January 1, 1990 to Present)
This chart presents three types of data: 1) the fluctuations in stock prices of
Company during the period from January 1, 1990 to May 30, 1996; 2) the stock
price fluctuations reflected by the S&P 400 Index during the period from
January 1, 1990 to May 30, 1996; and 3) the stock price fluctuations reflected
by a Comparable Company Index during the period from January 1, 1990 to May 30,
1996. Comparable Companies include companies with trading symbols: ACET, BER,
EEV, GWW, HWKN, MCK and NSSX. The chart is a line graph measured vertically by
stock price, and horizontally by time period, marked by the following dates:
January 1, 1990, October 18, 1990, August 6, 1991, May 22, 1992, March 10,
1993, December 27, 1993, October 13, 1994, August 1, 1995, and May 17, 1996.
<PAGE> 16
UNIVAR CORPORATION
SHARES TRADED BY PRICE RANGE
January 1, 1996 - Present
This chart describes the percentage of the total trading volume, during the
period between January 1, 1996 to May 30, 1996, that occurred at a given price
range. The chart is a bar graph measured vertically by volume in trading and
horizontally by price.
According to the chart:
-- 25.3% of the trading volume occurred when the price was measured at
$10.13 - $10.50 per share.
-- 13.8% of the trading volume occurred when the price was measured at
$10.50 - $10.88 per share.
-- 14.7% of the trading volume occurred when the price was measured at
$10.88 - $11.25 per share.
-- 6.9% of the trading volume occurred when the price was measured at
$11.25 - $11.63 per share.
-- 39.4% of the trading volume occurred when the price was measured at
$11.63 - $12.75 per share.
The weighted average stock price, during the period between January 1, 1996 to
May 30, 1996, is represented by the chart to be $11.30, with the high at $12.75
and the low at $10.25.
<PAGE> 17
UNIVAR CORPORATION
SHARES TRADED BY PRICE RANGE
INCLUDING DOW PURCHASES
January 1, 1990 -- Present
This chart describes the percentage of the total trading volume, during the
period between January 1, 1990 to May 30, 1996, that occurred at a given price
range. The chart includes shares purchased by Dow. The chart is a bar graph
measured vertically by volume in trading and horizontally by price.
According to the chart:
-- 19.9% of the trading volume occurred when the price was measured
at $9.00 - $11.00 per share.
-- 37.4% of the trading volume occurred when the price was measured
at $11.00 - $13.00 per share.
-- 17.1% of the trading volume occurred when the price was measured
at $13.00 - $15.00 per share.
-- 14.9% of the trading volume occurred when the price was measured
at $15.00 - $17.00 per share.
-- 10.6% of the trading volume occurred when the price was measured
at $17.00 - $19.00 per share.
The weighted average stock price, during the period between January 1, 1990 to
May 30, 1996, is represented by the chart to be $13.29, with the high at $18.74
and the low at $9.375. The chart contains a footnote which states: "Dow
purchased 1.9 million shares for $15.83 per share on June 24, 1991 (representing
10.0% of the 14.9% volume above) and 2.0 million shares for $18.74 on May 13,
1994 (representing 10.5% of the 10.6% volume above)."
<PAGE> 18
UNIVAR CORPORATION
SHARES TRADED BY PRICE RANGE
EXCLUDING DOW PURCHASES
January 1, 1990 - Present
This chart describes the percentage of the total trading volume, during the
period between January 1, 1990 to May 30, 1996, that occurred at a given price
range. This chart excludes shares purchased by Dow. The chart is a bar graph
measured vertically by volume in trading and horizontally by price.
According to the chart:
-- 19.2% of the trading volume occurred when the price was measured at
$9.25 - $10.75 per share.
-- 39.9% of the trading volume occurred when the price was measured at
$10.75 - $12.25 per share.
-- 23.2% of the trading volume occurred when the price was measured at
$12.25 - $13.75 per share.
-- 12.9% of the trading volume occurred when the price was measured at
$13.75 - $15.25 per share.
-- 4.8% of the trading volume occurred when the price was measured at
$15.25 - $17.13 per share.
The weighted average stock price, during the period between January 1, 1990 to
May 30, 1996, is represented by the chart to be $12.26, with the high at $17.125
and the low at $9.375.
<PAGE> 19
Univar Corporation
ANALYSIS OF PREMIUMS PAID IN RECENT
MERGER & ACQUISITION TRANSACTIONS
(1992 TO 1996)
SCHRODER WERTHEIM & CO.
INCORPORATED
<PAGE> 20
ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES(a) PAGE 1
PREMIUMS AND FORM OF CONSIDERATION PAID
<TABLE>
<CAPTION>
PREMIUM - ALL DEALS
(PERIOD PRIOR TO ANNOUNCEMENT) CONSIDERATION
NUMBER ------------------------------ ---------------------------- AVERAGE
of DEALS 1 DAY 1 WEEK 4 WEEKS CASH COMMON OTHER (b) VALUE
-------- ----- ------ ------- ----- ------ --------- -------
SUMMARY OF TRANSACTIONS BY YEAR
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Total Transactions: 1996YTD 13 24.8% 30.3% 47.1% 52.1% 38.9% 9.0% $408.7
Total Transactions: 1995 225 33.5% 40.1% 44.7% 44.7% 49.6% 5.6% 383.7
Total Transactions: 1994 208 32.0% 36.1% 42.7% 39.0% 55.5% 5.5% 327.3
Total Transactions: 1993 162 35.9% 38.5% 42.7% 36.2% 57.3% 6.5% 387.3
Total Transactions: 1992 128 40.2% 44.1% 52.0% 26.8% 66.1% 7.1% 194.6
--- ---- ---- ---- ---- ---- --- ------
Total 736 34.6% 39.1% 45.0% 38.2% 55.7% 6.1% $336.1
=== ==== ==== ==== ==== ==== === ======
SUMMARY OF TRANSACTIONS BY VALUE
Less than $5.0 million 42 1.7% 5.5% 18.2% 41.8% 50.5% 7.7% $2.5
Between $5.0 million and $20.0 million 124 36.4% 40.7% 38.8% 41.6% 52.4% 6.0% 11.8
Between $20.0 million and $100.0 million 235 37.9% 41.8% 48.2% 42.1% 54.5% 3.4% 52.8
Between $100.0 million and $200.0 million 125 34.0% 37.8% 46.5% 34.7% 59.1% 6.2% 145.0
Between $200.0 million and $500.0 million 109 31.8% 37.2% 44.8% 34.3% 58.4% 7.4% 314.9
Between $500.0 million and $1000.0 million 50 31.8% 36.5% 47.4% 31.4% 62.0% 6.7% 687.7
Greater than $1000.0 million 51 33.2% 39.7% 36.4% 33.2% 52.6% 14.2% 2,874.1
--- ---- ---- ---- ---- ---- ---- -------
Total 736 33.3% 37.7% 43.2% 38.2% 55.7% 6.1% $336.1
=== ==== ==== ==== ==== ==== ==== =======
</TABLE>
- --------------------
(a) Screening criteria: completed friendly mergers or acquisitions of
U.S. public companies where 100% of the target company was acquired
in the transaction. Averages are weighted by the number of
transactions in each sort category. Premiums total averages vary
slightly due to incomplete available data.
(b) Includes options, warrants and preferred stock.
<PAGE> 21
ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 2
PREMIUMS AND FORM OF CONSIDERATION PAID (a)
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY
- --------- --------- ------------------------------- ------------------------------- -----------------------------------------
<S> <C> <C> <C> <C>
03/15/96 05/07/96 Nevada Energy Co Inc Waterford Trust Co Business Services
03/04/96 04/08/96 Guardsman Products Inc Lilly Industries Inc Chemicals and Allied Products
02/29/96 03/19/06 Republic Inds(Newman Tonks) Newman Tonks Group PLC Sanitary Services
02/14/96 03/20/96 Helene Curtis Industries Inc Unilever NV Soaps, Cosmetics, and Personal-Care
Products
02/01/96 04/12/96 HealthWise of America Inc United HealthCare Corp Health Services
01/31/96 03/04/96 Tivoli Systems Inc IBM Corp Prepackaged Software
01/29/96 04/01/96 First Federal Svgs Bk of NW GA Regions Financial Corp Savings and Loans, Mutual Savings Banks
01/24/96 03/29/96 TGV Software Inc cisco Systems Inc Prepackaged Software
01/22/96 04/11/96 Premier Industrial Corp Farnell Electronics PLC Wholesale Trade-Durable Goods
01/16/96 02/26/96 Concord Health Group Inc Multicare Cos Inc Investment & Commodity Firms, Dealers,
Exchang
01/10/96 01/10/96 International Imaging Inc Innodata Inc Business Services
01/08/96 03/04/96 US Delivery Systems Inc Corporate Express Inc Transportation and Shipping (except air)
01/02/96 01/02/96 Mainstream Data Inc WavePhore Inc Wholesale Trade-Durable Goods
12/22/95 01/02/96 ADVANTAGE CAPITAL(VAN KAMPEN) SUNAMERICA INC INVESTMENT & COMMODITY FIRMS, DEALERS,
EXCHANG
12/22/95 03/29/96 Brock Exploration Corp Key Production Co Inc Oil and Gas; Petroleum Refining
12/21/95 01/03/96 Mini-Systems Inc Career Horizons Inc Business Services
12/20/95 02/05/96 SCS/Compute Inc Thomson US Holdings Inc Business Services
12/20/95 03/14/96 Sierra Horne Service Companies American Home Shield(ServiceM) Business Services
12/18/95 03/15/96 Advantage Health Corp Healthsouth Corp Health Services
12/18/95 01/29/96 Cobra Golf Inc II American Brands Inc Miscellaneous Manufacturing
12/14/95 02/26/96 Alantec Corp Fore Systems Inc Business Services
12/12/95 02/22/96 Pacific Physician Services Inc MedPartners/Mullikin Inc Health Services
12/11/95 01/19/96 Earth Technology Corp USA Tyco International Ltd Business Services
12/11/95 03/15/96 Hogan Systems Inc Continuum Co Inc Prepackaged Software
12/11/95 01/22/96 Holson Burnes Group Inc Newell Co Paper and Allied Products
12/11/95 02/14/96 Maybelline Inc L'Oreal SA(Gesparal) Soaps, Cosmetics, and Personal-Care
Products
12/04/95 04/01/96 Greiner Engineering Inc URS Corp Business Services
12/01/95 03/15/96 Condor Services Inc Amwest Insurance Group Inc Insurance
11/30/95 01/25/96 Inmac Corp Micro Warehouse Inc Retail Trade-Home Furnishings
11/30/95 01/19/96 Magma Copper Co Broken Hill Proprietary Co Ltd Mining
11/27/95 01/11/96 Commerce Clearing House Inc Wolters Kluwer NV Printing, Publishing, and Allied Services
11/20/95 03/13/96 Hornbeck Offshore Services Inc Tidewater Inc Transportation and Shipping (except air)
11/16/95 04/16/96 Prime Management Group Inc FirstService Corp Real Estate; Mortgage Bankers and Brokers
11/14/95 12/29/95 Suburban Federal Savings Bank Main Line Fed Svgs Bk(MLF Ban) Savings and Loans, Mutual Savings Banks
11/13/95 12/19/95 Simmons Outdoor Corp S.O.C. Corp(Blount/Blount Int) Wholesale Trade-Durable Goods
11/13/95 04/11/96 Victoria Bankshares Inc Norwest Corp,Minneapolis,MN Commercial Banks, Bank Holding Companies
11/13/95 03/01/96 Vigoro Corp IMC Global Inc Chemicals and Allied Products
11/08/95 02/15/96 Alert Centre Inc(ADT Ltd) ADT Ltd Business Services
11/08/95 02/23/96 Dolco Packaging Corp Packaging Acq(MST Part,MST Of) Rubber and Miscellaneous Plastic Products
11/08/95 12/18/95 National Convenience Stores Diamond Shamrock Inc Retail Trade-Food Stores
11/06/96 01/10/96 E For M Corp Marquette Electronics Inc USA Electronic and Electrical Equipment
11/06/95 03/28/96 FFE Financial SouthTrust Corp Commercial Banks, Bank Holding Companies
11/06/95 03/12/96 Federal Paper Board Co International Paper Co Paper and Allied Products
11/06/95 01/08/96 NetWorth Inc Compaq Computer Corp Computer and Office Equipment
11/06/96 01/10/96 Pratt & Lambert United Inc Sherwin-Williams Co Chemicals and Allied Products
11/03/95 11/03/95 Marshalltown Financial Corp BancSecurity Corp Savings and Loans, Mutual Savings Banks
11/03/95 01/18/96 Stone Medical Supply Micro Bio-Medics Inc Wholesale Trade-Durable Goods
11/01/95 03/13/96 PerSeptive Technolgies Corp PerSeptive Biosystems Inc Measuring, Medical, Photo Equipment;
Clocks
10/31/95 02/06/96 St Ives Laboratories Alberto-Culver Co Soaps, Cosmetics, and Personal-Care
Products
10/23/95 12/07/95 Griffin Technology Inc Diebold Inc Computer and Office Equipment
10/20/95 01/17/96 NexGcn Inc Advanced Micro Devices Inc Electronic and Electrical Equipment
</TABLE>
<TABLE>
<CAPTION> CONSIDERATION (%) PREMIUM (%)
Date Date Transaction --------------------- ------------------------
Announced Effective Value Cash Common Other 1 Day 1 Week 4 Weeks
- --------- --------- ----------- ------ ------ ----- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/15/96 05/07/96 $5.0 100.0% 0.0% 0.0%
03/04/96 04/08/96 $222.2 100.0% 0.0% 0.0% 32.4 32.4 57.3
02/29/96 03/01/06 $45.5 100.0% 0.0% 0.0%
02/14/96 03/20/96 $692.7 100.0% 0.0% 0.0% 18.6 30.2 71.8
02/01/96 04/12/96 $288.7 0.0% 100.0% 0.0% 8.3 9.1 18.6
01/31/96 03/04/96 $743.0 100.0% 0.0% 0.0% 25.9 25.0 41.8
01/29/96 04/01/96 $15.7 0.0% 100.0% 0.0%
01/24/96 03/29/96 $88.0 0.0% 100.0% (0.0%) 41.6 70.7 73.1
01/22/96 04/11/96 $2,733.9 51.6% 26.4% 22.0% 37.2 36.1 34.4
01/16/96 02/26/96 $113.4 61.2% 0.0% 38.8%
01/10/96 01/10/96 $0.6 0.0% 43.8% 56.2%
01/08/96 03/04/96 $333.9 0.0% 100.0% 0.0% 9.6 8.6 32.6
01/02/96 01/02/96 $31.0 64.5% 35.5% 0.0%
12/22/95 01/02/96 $10.0 0.0% 0.0%
12/22/95 03/29/96 $13.2 0.0% 100.0% 0.0% 10.4 22.7 31.4
12/21/95 01/03/96 $28.5 100.0% 0.0% 0.0%
12/20/95 02/05/96 $17.4 100.0% 0.0% 0.0% 134.8 157.1 145.5
12/20/95 03/14/96 $4.6 100.0% 0.0% 0.0%
12/18/95 03/15/96 $266.6 0.0% 100.0% 0.0% 28.3 31.9 39.7
12/18/95 01/29/96 $670.4 100.0% 0.0% 0.0% 30.3 32.1 32.7
12/14/95 02/26/96 $716.6 0.0% 100.0% 0.0% 20.6 23.4 44.9
12/12/95 02/22/96 $251.4 0.0% 100.0% 0.0% 7.2 15.3 18.0
12/11/95 01/19/96 $69.6 100.0% 0.0% 0.0% 36.2 33.3 73.0
12/11/95 03/15/96 $180.5 0.0% 100.0% 0.0% 15.7 48.5 53.1
12/11/95 01/22/96 $33.5 100.0% 0.0% 0.0% 4.8 41.9 46.7
12/11/95 02/14/96 $764.0 80.1% 0.0% 19.9% 41.9 66.8 93.4
12/04/95 04/01/96 $73.1 86.7% 13.2% 0.1% 68.1 72.8 82.9
12/01/95 03/15/96 $17.2 0.0% 99.9% 0.1% 153.6 115.2 153.6
11/30/95 01/25/96 $107.8 0.0% 100.0% 0.0% 6.9 32.0 36.3
11/30/95 01/19/96 $2,294.2 73.8% 0.0% 26.2% 39.1 45.5 62.3
11/27/95 01/11/96 $1,843.2 100.0% 0.0% 0.0% 100.0 115.5 131.3
11/20/95 03/13/96 $307.3 0.0% 92.8% 7.2% 40.9 40.9 46.9
11/16/95 04/16/96 $6.6 0.0% 99.8% 0.2% 7.3 24.2 24.2
11/14/95 12/29/95 $5.7 100.0% 0.0% 0.0%
11/13/95 12/19/95 $35.8 100.0% 0.0% 0.0% 66.4 73.3 77.0
11/13/95 04/11/96 282.4 0.0% 100.0% 0.0% (5.2) 14.7 16.2
11/13/95 03/01/96 1,187.8 0.0% 100.0% 0.0% 31.9 35.7 34.2
11/08/95 02/15/96 90.6 100.0% 0.0% 0.0%
11/08/95 02/23/96 30.8 100.0% 0.0% 0.0% (9.7) (15.2) (12.5)
11/08/95 12/18/95 246.9 71.6% 0.0% 28.4% 96.4 107.7 118.2
11/06/96 01/10/96 74.2 100.0% 0.0% 0.0% 29.7 37.1 31.5
11/06/95 03/28/96 12.7 40.2% 59.8% 0.0%
11/06/95 03/12/96 3,399.0 76.5% 0.0% 23.5% 20.9 37.9 48.6
11/06/95 01/08/96 372.0 100.0% 0.0% 0.0% 21.7 48.7 111.3
11/06/96 01/10/96 381.9 100.0% 0.0% 0.0% 68.7 60.9 49.7
11/03/95 11/03/95 23.6 100.0% 0.0% 0.0% 9.8 17.5 9.8
11/03/95 01/18/96 3.6 0.0% 99.9% 0.1%
11/01/95 03/13/96 28.1 0.0% 100.0% 0.0%
10/31/95 02/06/96 120.0 100.0% 0.0% 0.0% 20.0 50.0 55.8
10/23/95 12/07/95 17.9 100.0% 0.0% 0.0% (8.8) (6.1)
10/20/95 01/17/96 686.4 0.0% 100.0% 0.0% (0.6) 4.9
</TABLE>
<PAGE> 22
ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 3
PREMIUMS AND FORM OF CONSIDERATION PAID (a)
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY
- --------- --------- ------------------------------ ------------------------------ -----------------------------------------
<S> <C> <C> <C> <C>
10/20/95 10/20/95 Washington Savings Bank FSB Roosevelt Bank,Chesterfield,MO Savings and Loans, Mutual Savings Banks
10/19/95 11/13/95 Thermoscan(Thomas H Lee) Gillette Co Measuring, Medical, Photo Equipment;
Clocks
10/18/95 01/11/96 Advance Ross Corp CUC International Inc Machinery
10/13/95 11/13/95 Carolco Pictures Inc Twentieth Century Fox Film Motion Picture Production and Distribution
10/13/95 10/13/95 New Canaan Co Bridgeport Hydraulic Co Electric, Gas, and Water Distribution
10/12/95 02/01/96 Western Bank, Coos Bay, Oregon Washington Mutual Inc Commercial Banks, Bank Holding Companies
10/10/95 01/15/96 Champps Entertainment Inc DAKA International Inc Retail Trade-Eating and Drinking Places
10/10/95 02/01/96 Microtec Research Inc Mentor Graphics Corp Prepackaged Software
10/10/95 01/17/96 Surgical Care Affiliates Inc HealthSouth Corp Health Services
10/09/95 12/28/95 American Electronic Components Echlin Inc Electronic and Electrical Equipment
10/06/95 01/23/96 EP Technologies Inc Boston Scientific Corp Measuring, Medical, Photo Equipment;
Clocks
09/26/95 01/03/96 Larizza Industries Inc Collins & Aikman Corp Metal and Metal Products
09/25/95 09/25/95 National Gypsum Co(Delcor) CD Spangler Stone, Clay, Glass, and Concrete Products
09/20/95 02/05/96 Conner Peripherals Inc Seagate Technology Inc Computer and Office Equipment
09/15/95 01/11/96 Data Measurement Corp Measurex Corp Measuring, Medical, Photo Equipment;
Clocks
09/14/95 11/11/95 CR Gibson Co Thomas Nelson Inc Printing, Publishing, and Allied Services
09/13/95 01/19/96 First Financial Bancshares Barnett Banks Inc Savings and Loans, Mutual Savings Banks
09/12/95 01/02/96 Advanced Surgical Inc Urohealth Systems Inc Measuring, Medical, Photo Equipment;
Clocks
09/12/95 10/20/95 Elco Industries Inc Textron Inc Metal and Metal Products
09/08/95 12/26/95 Sunbelt Cos Inc Pelican Cos Inc Miscellaneous Retail Trade
09/06/95 12/01/95 Megatest Teradyne Inc Measuring, Medical, Photo Equipment;
Clocks
09/06/95 12/15/95 Xylogics Inc Bay Networks Inc Computer and Office Equipment
09/05/95 01/09/96 Bank South Corp,Atanta,GA NationsBank Corp Commercial Banks, Bank Holding Companies
09/01/95 11/30/95 Tiger Direct Inc Global DirectMail Corp Wholesale Trade-Durable Goods
08/31/95 02/01/96 Check Express Inc Ace Cash Express Inc Other Financial
08/31/95 11/30/95 Seven Oaks International Inc Investor Group Business Services
08/30/95 01/02/96 Heart Technology Inc Boston Scientific Corp Measuring, Medical, Photo Equipment;
Clocks
08/30/95 12/29/95 Helian Health Group Inc TheraTx Inc Health Services
08/30/95 01/03/96 Kentucky Medical Insurance Co Michigan Physicians Mutual Insurance
08/28/95 11/15/95 Medicine Shoppe International Cardinal Health Inc Miscellaneous Retail Trade
08/28/95 02/01/96 SFFed Corp First Nationwide Bk,Dallas,TX Savings and Loans, Mutual Savings Banks
08/28/95 11/30/95 Univax Biologics Inc North American Biologicals Inc Drugs
08/25/95 01/31/96 Fourth Financial Corp Boatmen's Bancshares Inc Commercial Banks, Bank Holding Companies
08/24/95 12/12/95 Comdata Holdings Corp Ceridian Corp Other Financial
08/24/95 08/24/95 Florida West Airlines Inc Florida West Intl Airways Air Transportation and Shipping
08/23/95 10/04/95 Medrad Inc Schering Berlin Inc Measuring, Medical, Photo Equipment;
Clocks
08/23/95 11/29/95 Metro Financial Corp Regions Financial Corp Commercial Banks, Bank Holding Companies
08/22/95 12/29/95 Iowa Bancorp Inc First Midwest Financial Inc Commercial Banks, Bank Holding Companies
08/22/95 10/09/95 Palm Springs Golf Co Inc Ajay Sports Inc Amusement and Recreation Services
08/18/95 12/20/95 Capital Guaranty Corp Finl Security Assurance Hldgs Insurance
08/17/95 10/27/95 Beta Phase Molex Inc Business Services
08/17/95 01/15/96 FSB Financial Corp Standard Federal Bancorp Savings and Loans, Mutual Savings Banks
08/15/95 10/06/95 Advance Circuits Inc Johnson Matthey PLC Electronic and Electrical Equipment
08/15/95 11/17/95 DF&R Restaurants Inc Apple South Retail Trade-Eating and Drinking Places
08/14/95 10/11/95 Broadway Stores(Federated Dep) Federated Department Stores Retail Trade-General Merchandise and
Apparel
08/14/95 11/27/95 Integrated Silicon Systems Inc ArcSys Inc Business Services
08/11/95 02/01/96 Seaboard Bancorp Inc Life Bancorp Inc Savings and Loans, Mutual Savings Banks
08/10/95 10/13/95 Emphesys Financial Group Inc Humana Inc Insurance
08/10/95 11/15/95 Nu-West Industries Inc Agrium Inc Chemicals and Allied Products
08/09/95 09/30/95 MHI Group Inc Loewen Group Inc Personal Services
08/08/95 12/14/95 Piedmont Management Co Chartwell Re Corp Investment & Commodity Firms, Dealers,
Exchang
</TABLE>
<TABLE>
<CAPTION> CONSIDERATION (%) PREMIUM (%)
DATE DATE TRANSACTION --------------------- ------------------------
ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS
- --------- --------- ----------- ------ ------ ----- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10/20/95 10/20/95 96.0 100.0% 0.0% 0.0% 360.8 372.7 295.7
10/19/95 11/13/95 108.0 100.0% 0.0% 0.0%
10/18/95 01/11/96 207.8 0.0% 100.0% (0.0%)
10/13/95 11/13/95 50.0 100.0% 0.0% 0.0%
10/13/95 10/13/95 2.9 0.0% 100.0% 0.0%
10/12/95 02/01/96 177.2 0.0% 100.0% (0.0%) 34.8 42.9 44.1
10/10/95 01/15/96 69.8 0.0% 100.0% (0.0%)
10/10/95 02/01/96 116.3 0.0% 100.0% 0.0% 17.4 20.1 28.9
10/10/95 01/17/96 1,428.3 0.0% 100.0% (0.0%) 59.3 61.1 59.3
10/09/95 12/28/95 53.0 0.0% 100.0% 0.0% 35.2 45.6 43.8
10/06/95 01/23/96 147.1 0.0% 100.0% (0.0%) (18.8) (9.6) 6.1
09/26/95 01/03/96 173.6 82.7% 0.0% 17.3% 10.6 36.8 35.1
09/25/95 09/25/95 1,123.8 100.0% 0.0% 0.0% 0.9 0.9
09/20/95 02/05/96 1,114.0 0.0% 100.0% (0.0%) 23.7 30.5 56.1
09/15/95 01/11/96 30.0 100.0% 0.0% 0.0% 2.4 18.3 11.2
09/14/95 11/11/95 67.0 100.0% 0.0% 0.0% 2.9 1.4 5.9
09/13/95 01/19/96 20.0 100.0% 0.0% 0.0% 8.8 8.8 17.1
09/12/95 01/02/96 11.7 0.0% 100.0% 0.0%
09/12/95 10/20/95 179.4 100.0% 0.0% 0.0% 93.3 97.3 100.0
09/08/95 12/26/95 18.0 100.0% 0.0% 0.0% 32.5 27.2 44.5
09/06/95 12/01/95 200.4 0.0% 100.0% 0.0% 14.8 20.4 41.0
09/06/95 12/15/95 290.1 0.0% 100.0% 0.0% 42.6 51.3 70.2
09/05/95 01/09/96 1,589.8 0.0% 100.0% 0.0% 16.4 22.7 32.4
09/01/95 11/30/95 8.6 0.0% 59.6% 40.4%
08/31/95 02/01/96 6.0 100.0% 0.0% 0.0% 37.1 37.1 37.1
08/31/95 11/30/95 2.7 100.0% 0.0% 0.0%
08/30/95 01/02/96 475.2 0.0% 100.0% (0.0%) 5.4 4.3 31.7
08/30/95 12/29/95 30.3 0.0% 99.8% 0.2% 5.7 (3.5) 30.6
08/30/95 01/03/96 25.0 100.0% 0.0% 0.0% 45.5 37.4 76.7
08/28/95 11/15/95 347.2 0.0% 100.0% 0.0% 16.1 15.4 29.5
08/28/95 02/01/96 251.9 100.0% 0.0% 0.0% 21.9 36.9 43.4
08/28/95 11/30/95 151.9 0.0% 100.0% (0.0%) 8.8 10.5 21.9
08/25/95 01/31/96 1,026.2 0.0% 100.0% 0.0% 10.4 11.2 4.6
08/24/95 12/12/95 854.1 0.0% 100.0% 0.0% 20.2 18.7 35.5
08/24/95 08/24/95 3.5 100.0% 0.0% 0.0%
08/23/95 10/04/95 165.9 100.0% 0.0% 0.0% 25.8 25.8 28.7
08/23/95 11/29/95 27.3 0.0% 100.1% (0.1%) 47.6 57.2 73.8
08/22/95 12/29/95 8.5 100.0% 0.0% 0.0%
08/22/95 10/09/95 4.5 0.0% 8.8% 91.2%
08/19/95 12/20/95 197.7 25.3% 74.7% 0.0% 7.0 9.7 20.7
08/17/95 10/27/95 1.1 81.8% 17.2% 1.0%
08/17/95 01/15/96 27.2 100.0% 0.0% 0.0% 19.0 27.0 32.4
08/15/95 10/06/95 170.7 100.0% 0.0% 0.0% 39.5 36.4 37.4
08/15/95 11/17/95 201.2 0.0% 100.0% (0.0%) 25.0 27.4 32.6
08/14/95 10/11/95 1,614.4 0.0% 22.8% 77.2% 178.3 392.3 56.1
08/14/95 11/27/95 284.6 0.0% 100.0% 0.0% 43.6 63.7 43.6
08/11/95 02/01/96 8.2 100.0% 0.0% 0.0% 10.0 20.0 32.0
08/10/95 10/13/95 639.9 100.0% 0.0% 0.0% 13.6 (3.8) 1.4
08/10/95 11/15/95 99.3 100.0% 0.0% 0.0% (12.5) (12.5) (8.7)
08/09/95 09/30/95 64.3 100.0% 0.0% 0.0% 15.5 34.4 46.4
08/08/95 12/14/95 59.4 0.0% 100.0% 0.0% (1.0) 28.4 25.1
</TABLE>
<PAGE> 23
ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 4
PREMIUMS AND FORM OF CONSIDERATION PAID (a)
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY
- --------- --------- ------------------------------- ------------------------------- -----------------------------------------
<S> <C> <C> <C> <C>
08/04/95 09/12/95 American City Business Journal Advance Publications Inc Printing, Publishing, and Allied Services
08/04/95 01/02/96 Hawkeye Bancorp Mercantile Bancorp,St Louis,MO Commercial Banks, Bank Holding Companies
08/01/95 11/24/95 CBS Inc Westinghouse Electric Corp Radio and Television Broadcasting Stations
07/31/95 01/11/96 Sunrise Bancorp Inc Reliance Bancorp Inc Savings and Loans, Mutual Savings Banks
07/28/95 01/03/96 National American Bancorp Inc Keystone Financial,Harrisburg Conumcial Banks, Bank Holding Companies
07/27/95 10/13/95 Chipcom Corp 3Com Corp Electronic and Electrical Equipment
07/26/95 11/03/95 Bolle America Inc Benson Eyecare Corp Measuring, Medical, Photo Equipment;
Clocks
07/24/95 12/04/95 Multimedia Inc Gannett Co Inc Printing, Publishing, and Allied Services
07/20/95 01/12/96 Rule Industries Inc Greenfield Industries Inc Machinery
07/19/95 01/02/96 Premier Bancorp,Baton Rouge,LA BANC ONE Corp Commercial Banks, Bank Holding Companies
07/18/95 10/26/95 CareLine Inc(Care Group Inc) Laidlaw Inc Health Services
07/17/95 08/22/95 Automotive Industries Holding Lear Seating Corp Transportation Equipment
07/17/95 10/02/95 CliniCom Inc HBO & Co Business Services
07/17/95 12/12/95 Scott Paper Co Kimberly-Clark Corp Paper and Allied Products
07/12/95 12/01/95 First Chicago Corp,Illinois NBD Bancorp,Detroit,Michigan Commercial Banks, Bank Holding Companies
07/12/95 12/21/95 Polar Express Corp Aasche Transportation Services Transportation and Shipping (except air)
07/11/95 12/15/95 Great Country Bank,Ansonia,CT Center Financial Corp Savings and Loans, Mutual Savings Banks
07/10/95 01/03/96 Advantage Companies Inc THORN Americas Inc(Thorn EMI) Telecommunications
07/10/95 01/04/96 Hunter Resources Inc Magnum Petroleum Inc Oil and Gas; Petroleum Refining
07/10/95 01/02/96 Midlantic Corp PNC Bank Corp Commercial Banks, Bank Holding Companies
07/10/95 08/11/95 WorldWay Corp Arkansas Best Corp Transportation and Shipping (except air)
07/06/95 08/04/95 Arcus Inc(Armored Transport) United Acquisition Co Business Services
07/06/95 11/30/95 Gaming Corp of America Grand Casinos Inc Amusement and Recreation Services
07/05/95 01/10/96 CSF Holdings Inc NationsBank Corp Savings and Loans, Mutual Savings Banks
07/04/95 09/18/95 Home Bancorp Inc Essex Bancorp Inc Commercial Banks, Bank Holding Companies
06/26/95 10/05/95 Enterra Corp Weatherford International Inc Business Services
06/26/95 10/16/95 Super Rite Corp Richfood Holdings Inc Retail Trade-Food Stores
06/21/95 07/12/95 Security Bancorp Inc Canton GA Habersham Bancorp Commercial Banks, Bank Holding Companies
06/19/95 10/03/95 Milwaukee Insurance Group Inc Unitrin Inc Insurance
06/16/95 10/23/95 Cellcor(Hillman Medical Ventu) Cytogen Corp Drugs
06/15/95 06/15/95 Coating Sciences Inc Scapa Group PLC Paper and Allied Products
06/13/95 08/23/95 Truck Components Johnstown America Industries Transportation Equipment
06/09/95 08/30/95 Bird Medical Technologies Inc Thermo Electron Corp Measuring, Medical, Photo Equipment;
Clocks
06/06/95 06/06/95 New York Testing Laboratories Comprehensive Environmental Business Services
06/05/95 09/01/95 Designatronics Inc Dyson Dyson & Dunn Inc Machinery
05/30/95 09/07/95 Consolidated Oil & Gas Inc Hugoton Energy Corp Oil and Gas; Petroleum Refining
05/30/95 08/04/95 Constitution Bancorp JeffBanks Inc Commercial Banks, Bank Holding Companies
05/30/95 05/30/95 MNB Bancshares Inc First Interstate Bancorp,CA Savings and Loans, Mutual Savings Banks
05/30/95 09/01/95 Marsam Pharmaceuticals Inc Schein Pharmaceutical Inc Drugs
05/30/95 08/31/95 Saber Software Inc McAfee Associates Inc Business Services
05/24/95 10/25/95 Insituform Mid-America Inc Insituform Technologies Inc Construction Firms
05/24/95 09/28/95 MedChem Products Inc CR Bard Inc Drugs
05/23/95 10/20/95 Mariners Bancorp Eldorado Bancorp,Tustin,CA Commercial Banks, Bank Holding Companies
05/22/95 10/11/95 MIP Properties Inc JER Partners II LLC(J Roberts) Real Estate; Mortgage Bankers and Brokers
05/22/95 09/21/95 Nationwide Cellular Services MCI Communications Corp Telecommunications
05/22/95 08/25/95 Puritan-Bennett Nellcor Inc Measuring, Medical, Photo Equipment;
Clocks
05/19/95 10/12/95 Recognition International Inc BancTec Inc Computer and Office Equipment
05/17/95 07/27/95 CRSS Inc American Tractebel Corp Business Services
05/17/95 07/31/95 Doehler-Jarvis Inc Harvard Industries Inc Metal and Metal Products
05/16/95 05/16/95 Regina Co Inc Philips Electronics North Electronic and Electrical Equipment
05/15/95 10/20/95 Foothill Group Inc Norwest Corp,Minneapolis,MN Credit Institutions
</TABLE>
<TABLE>
<CAPTION> CONSIDERATION (%) PREMIUM (%)
DATE DATE TRANSACTION --------------------- ------------------------
ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS
- --------- --------- ----------- ------ ------ ----- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/04/95 09/12/95 193.2 100.0% 0.0% 0.0% 28.7 23.1 28.0
08/04/95 01/02/96 346.4 0.0% 100.0% (0.0%) 12.8 20.0 18.0
08/01/95 11/24/95 5,036.2 100.0% 0.0% 0.0% 24.8 22.5 18.9
07/31/95 01/11/96 110.0 100.0% 0.0% 0.0% 9.9 11.3 11.3
07/28/95 01/03/96 34.7 0.0% 100.0% 0.0%
07/27/95 10/13/95 702.6 0.0% 100.0% (0.0%) 34.7 62.8 66.1
07/26/95 11/03/95 33.9 0.0% 99.9% 0.1% 16.9 14.9 28.6
07/24/95 12/04/95 2,273.4 75.4% 0.0% 24.6%
07/20/95 01/12/96 72.5 49.4% 0.0% 50.6% 118.6 104.0 104.0
07/19/95 01/02/96 705.3 0.0% 100.0% 0.0%
07/18/95 10/26/95 341.5 0.0% 48.7% 51.3% 31.6 34.7 25.9
07/17/95 08/22/95 587.9 100.0% 0.0% 0.0% 3.9 10.7 45.7
07/17/95 10/02/95 202.7 0.0% 100.0% 0.0% 37.6 31.8 44.0
07/17/95 12/12/95 6,791.5 0.0% 100.0% (0.0%) 1.1 2.2 1.9
07/12/95 12/01/95 5,295.6 0.0% 100.0% (0.0%) (3.0) (1.8) 0.6
07/12/95 12/21/95 8.7 0.0% 100.0% 0.0%
07/11/95 12/15/95 27.9 0.0% 99.8% 0.2% 31.1 35.0 39.3
07/10/95 01/03/96 77.7 100.0% 0.0% 0.0%
07/10/95 01/04/96 1.9 0.0% 100.0% 0.0%
07/10/95 01/02/96 2,860.6 0.0% 100.0% 0.0% 34.4 37.7 54.9
07/10/95 08/11/95 142.2 50.8% 0.0% 49.2% 15.8 17.3
07/06/95 08/04/95 48.4 100.0% 0.0% 0.0% 1.3 1.3 1.3
07/06/95 11/30/95 139.2 0.0% 100.0% (0.0%) 74.5 64.6 121.5
07/05/95 01/10/96 516.0 100.0% 0.0% 0.0% 26.9 19.7 30.0
07/04/95 09/18/95 15.0 0.0% 0.0% 100.0%
06/26/95 10/05/95 540.4 0.0% 100.0% (0.0%) (6.9) 1.6 3.0
06/26/95 10/16/95 225.2 0.0% 100.0% (0.0%) 26.8 26.8 49.0
06/21/95 07/12/95 9.2 21.7% 78.3% (0.0%)
06/19/95 10/03/95 92.7 100.0% 0.0% 0.0% 63.0 63.0 77.8
06/16/95 10/23/95 14.9 0.0% 99.7% 0.3% (6.1)
06/15/95 06/15/95 43.2 79.2% 0.0% 20.8%
06/13/95 08/23/95 249.0 67.9% 0.0% 32.1% 37.6 43.8 37.6
06/09/95 08/30/95 59.2 100.0% 0.0% 0.0% 39.6 57.4 72.1
06/06/95 06/06/95 1.0 100.0% 0.0% 0.0%
06/05/95 09/01/95 17.2 100.0% 0.0% 0.0% 45.5 29.7 29.7
05/30/95 09/07/95 112.2 31.0% 69.0% 0.0%
05/30/95 08/04/95 2.7 0.0% 100.0% 0.0%
05/30/95 05/30/95 5.0 100.0% 0.0% 0.0%
05/30/95 09/01/95 244.4 100.0% 0.0% 0.0% 29.2 47.4 55.6
05/30/95 08/31/95 40.6 0.0% 100.0% 0.0% 42.5 37.1 34.6
05/24/95 10/25/95 144.0 0.0% 100.0% 0.0% 15.0 8.2 31.4
05/24/95 09/28/95 94.7 0.0% 100.0% 0.0% 42.3 60.9 57.4
05/23/95 10/20/95 13.5 30.4% 69.7% (0.0%)
05/22/95 10/11/95 69.9 32.8% 0.0% 67.2% 32.3 32.3 24.0
05/22/95 09/21/95 163.5 100.0% 0.0% 0.0% 5.7 8.0 18.4
05/22/95 08/25/95 469.6 0.0% 100.0% 0.0% 38.9 37.6 65.0
05/19/95 10/12/95 159.7 0.0% 100.0% 0.0% 48.6 48.6 51.3
05/17/95 07/27/95 193.7 100.0% 0.0% 0.0% 45.0 56.8 56.8
05/17/95 07/31/95 218.0 47.7% 0.0% 52.3%
05/16/95 05/16/95 17.5 100.0% 0.0% 0.0%
05/15/95 10/20/95 447.2 0.0% 100.0% 0.0% 11.2 13.0 23.8
</TABLE>
<PAGE> 24
ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 5
PREMIUMS AND FORM OF CONSIDERATION PAID (a)
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY
- --------- --------- ------------------------------- ------------------------------- -----------------------------------------
<S> <C> <C> <C> <C>
05/15/95 09/20/95 Random Access Inc Entex Information Svcs(JWP) Retail Trade-Home Furnishings
05/11/95 10/19/95 Employee Benefits Plans Inc First Financial Management Insurance
05/10/95 06/14/95 Best Power Technology Inc General Signal Corp Electronic and Electrical Equipment
05/09/95 09/12/95 Eastex Energy Inc El Paso Natural Gas Co Electric, Gas, and Water Distribution
05/08/95 08/21/95 American Medical Electronics Orthofix International NV Measuring, Medical, Photo Equipment;
Clocks
05/08/95 06/08/95 Flair Corp United Dominion Industries Inc Machinery
05/04/95 06/08/95 Bestop Inc Douglas & Lomason Co Transportation Equipment
05/03/95 07/21/95 Evergreen HealthCare Lid GranCare Inc Health Services
05/03/95 08/30/95 Medical Diagnostics Inc Advanced NMR Systems Health Services
05/03/95 07/19/95 Plains Petroleum Co Barrett Resources Corp Oil and Gas; Petroleum Refining
04/28/95 06/16/95 Grow Group Inc ICI PLC Chemicals and Allied Products
04/28/95 06/02/95 NuVision Inc American Vision Centers Inc Miscellaneous Retail Trade
04/26/95 08/11/95 Dictaphone Corp Stonington Partners Inc Computer and Office Equipment
04/25/95 08/28/95 Cabot Medical Corp Circon Corp Measuring, Medical, Photo Equipment;
Clocks
04/21/95 08/23/95 Altai Inc PLATINUM technology Inc Business Services
04/20/95 08/18/95 Bruno's Inc Kohlberg Kravis Roberts & Co Retail Trade-Food Stores
04/19/95 10/02/95 Railroad Financial Corp Commercial Federal Corp,Omaha Savings and Loans, Mutual Savings Banks
04/18/95 06/30/95 First Community Bankshares Inc California Bancshares Inc Commercial Banks, Bank Holding Companies
04/13/95 04/13/95 AUSA Inc(Apotex USA/Apotex) GEN/Rx Inc Drugs
04/12/95 04/12/95 Microcom Inc Loral Conic(Loral Corp) Communications Equipment
04/12/95 06/30/95 Rehability Corp Living Centers of America Inc Health Services
04/10/95 08/17/95 ALC Communications Corp Frontier Corp Telecommunications
04/06/95 08/31/95 Intermetrics Inc Apollo Holding Inc Business Services
04/05/95 04/05/95 Solon Automated Services Inc Coinmach Corp Personal Services
04/03/95 05/08/95 E-Systems Inc Raytheon Co Electronic and Electrical Equipment
04/03/95 06/29/95 I&J Bagels Inc Manhattan Bagel Co Inc Food and Kindred Products
04/03/95 09/07/95 USA Mobile Communications Arch Communications Group Inc Telecommunications
03/31/95 07/10/95 Continental Medical Systems Horizon Healthcare Corp Health Services
03/30/95 06/21/95 CareerStaff Unlimited Inc Sun Healthcare Group Inc Business Services
03/30/95 07/17/95 Circa Pharmaceuticals Inc Watson Pharmaceuticals Inc Drugs
03/28/95 09/29/95 ACS Enterprises Inc CAI Wireless Systems Inc Radio and Television Broadcasting
Stations
03/27/95 07/28/95 Diagnostek Inc Value Health Inc(Warburg Pinc) Miscellaneous Retail Trade
03/27/95 09/18/95 Micrographic Technology Corp SoftNet Systems Inc Prepackaged Software
03/27/95 09/01/95 Putnam Trust Co Bank of New York Co Inc Commercial Banks, Bank Holding Companies
03/24/95 08/04/95 Lakeside Bancshares Inc First Commerce Corp Commcrcial Banks, Bank Holding Companies
03/24/95 04/26/95 Paco Pharmaceutical Services West Co Inc Drugs
03/22/95 06/09/95 Primary Access Corp 3Com Corp Communications Equipment
03/20/95 09/27/95 AutoFinance Group Inc KeyCorp,Cleveland,Ohio Credit Institutions
03/17/95 05/01/95 Resource Recycling Techs Inc Waste Management Inc Sanitary Services
03/16/95 04/25/95 Amdura Corp FKI PLC Machinery
03/16/95 04/07/95 Intelogic Trace Inc Decision Servcom Inc Business Services
03/16/95 10/24/95 Mt Vernon Financial Corp Colonial BancGroup Inc Commercial Banks, Bank Holding Companies
03/14/95 04/25/95 Leaseway Transportation Corp Penske Truck Leasing Co LP Transportation and Shipping (except air)
03/14/95 10/19/95 Lexington Savings Bank Main Street Community Bancorp Savings and Loans, Mutual Savings Banks
03/14/95 07/14/95 McArthur/Glen Realty Corp Horizon Outlet Centers Inc Investment & Commodity Films, Dealers,
Exchang
03/13/95 06/30/95 Conquest Airlines Corp Air LA Inc Air Transportation and Shipping
03/13/95 09/15/95 Morgan Medical Holdings Inc NMR of America Health Services
03/10/95 06/30/95 M/A-COM Inc AMP Inc Electronic and Electrical Equipment
03/08/95 07/06/95 Sunrise Energy Services Inc ENSERCH Corp Electric, Gas, and Water Distribution
03/07/95 08/31/95 Lazer-Tron Corp Acclaim Entertainment Inc Amusement and Recreation Services
03/07/95 08/25/95 Trinzic Corp PLATINUM technology Inc Business Services
</TABLE>
<TABLE>
<CAPTION> CONSIDERATION (%) PREMIUM (%)
DATE DATE TRANSACTION --------------------- ------------------------
ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS
- --------- --------- ----------- ------ ------ ----- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/15/95 09/20/95 22.0 100.0% 0.0% 0.0% 6.1 26.8 23.8
05/11/95 10/19/95 124.3 0.0% 100.0% (0.0%) 56.4 62.9 62.9
05/10/95 06/14/95 200.7 100.0% 0.0% 0.0% 61.5 68.0 75.0
05/09/95 09/12/95 28.4 48.9% 50.9% 0.1% 27.4 28.6 33.3
05/08/95 08/21/95 90.9 45.1% 35.1% 19.8% 49.8 71.7 42.1
05/08/95 06/08/95 192.2 61.0% 0.0% 39.0% 15.9 13.5 14.3
05/04/95 06/08/95 44.0 100.0% 0.0% 0.0% 22.0 18.6 27.5
05/03/95 07/21/95 162.3 0.0% 100.0% (0.0%) (1.9) 4.1 3.0
05/03/95 08/30/95 28.5 37.2% 63.1% (0.2%) 82.9 120.7 137.0
05/03/95 07/19/95 297.2 0.0% 100.0% 0.0% 34.3 38.2 39.0
04/28/95 06/16/95 355.5 100.0% 0.0% 0.0% 30.4 38.6 37.5
04/28/95 06/02/95 20.5 100.0% 0.0% 0.0% 32.2 38.2 35.1
04/26/95 08/11/95 450.0 100.0% 0.0% 0.0%
04/25/95 08/28/95 92.5 0.0% 100.0% (0.0%) 34.4 46.6 141.9
04/21/95 08/23/95 19.6 0.0% 99.7% 0.3% 36.0 21.4 36.0
04/20/95 08/18/95 1,150.4 76.3% 4.6% 19.2% 28.9 28.0 33.3
04/19/95 10/02/95 48.3 0.0% 100.1% (0.1%) 92.3 94.4 117.5
04/18/95 06/30/95 16.3 100.0% 0.0% 0.0%
04/13/95 04/13/95 24.9 0.0% 100.0% 0.0%
04/12/95 04/12/95 7.0 100.0% 0.0% 0.0%
04/12/95 06/30/95 121.0 70.2% 0.0% 29.8% 12.2 15.0 15.0
04/10/95 08/17/95 1,884.1 0.0% 95.8% 4.2% 36.8 33.8 45.0
04/06/95 08/31/95 27.2 100.0% 0.0% 0.0% 60.0 60.0 43.2
04/05/95 04/05/95 11.5 100.0% 0.0% 0.0%
04/03/95 05/08/95 2,255.4 100.0% 0.0% 0.0% 41.0 43.0 46.3
04/03/95 06/29/95 17.6 0.0% 100.1% (0.1%)
04/03/95 09/07/95 436.3 19.2% 34.9% 45.8% 25.1 23.9 26.3
03/31/95 07/10/95 578.7 0.0% 100.0% (0.0%) 110.2 135.0 121.9
03/30/95 06/21/95 101.8 0.0% 100.0% (0.0%) (24.9) (18.6) (9.8)
03/30/95 07/17/95 608.7 0.0% 100.0% 0.0% 57.5 59.7 66.9
03/28/95 09/29/95 206.3 17.7% 82.3% (0.0%) 32.3 36.5 64.9
03/27/95 07/28/95 402.9 0.0% 100.0% (0.0%) (10.3) (10.3) 8.0
03/27/95 09/18/95 13.8 8.0% 35.9% 56.1%
03/27/95 09/01/95 138.5 0.0% 100.0% (0.0%) 9.0 15.8 49.6
03/24/95 08/04/95 24.4 0.0% 99.8% 0.2%
03/24/95 04/26/95 49.0 100.0% 0.0% 0.0% 66.1 66.1 58.1
03/22/95 06/09/95 170.0 0.0% 100.0% 0.0%
03/20/95 09/27/95 322.3 0.0% 100.0% (0.0%) 72.5 73.6 66.3
03/17/95 05/01/95 30.8 100.0% 0.0% 0.0% 37.3 50.8 46.0
03/16/95 04/25/95 88.8 69.9% 0.0% 30.1% 22.7 15.0 2.2
03/16/95 04/07/95 15.8 55.7% 0.0% 44.3%
03/16/95 10/24/95 16.0 16.3% 83.5% 0.2%
03/14/95 04/25/95 199.8 100.0% 0.0% 0.0% 54.6 55.3 60.0
03/14/95 10/19/95 33.9 0.0% 100.1% (0.1%) (9.5) (8.1) (10.9)
03/14/95 07/14/95 315.4 0.0% 100.0% 0.0% 0.6 13.5 0.6
03/13/95 06/30/95 6.0 0.0% 100.0% 0.0%
03/13/95 09/15/95 5.2 0.0% 100.6% (0.6%)
03/10/95 06/30/95 284.3 0.0% 100.0% 0.0% 52.0 57.6 49.3
03/08/95 07/06/95 8.5 100.0% 0.0% 0.0%
03/07/95 08/31/95 32.8 0.0% 100.0% 0.0% 1.6 8.5 (9.9)
03/07/95 08/25/95 140.8 0.0% 100.0% (0.0%) 0.1 9.6 45.2
</TABLE>
<PAGE> 25
ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 6
PREMIUMS AND FORM OF CONSIDERATION PAID (a)
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY
- --------- --------- ------------------------------- ------------------------------- -----------------------------------------
<S> <C> <C> <C> <C>
03/06/95 08/01/95 A Pea in the Pod Inc Mothers Work Inc Retail Trade-General Merchandise and
Apparel
03/02/95 06/28/95 Abbey Healthcare Group Inc Homedco Group Inc Health Services
03/02/95 08/30/95 DATEQ Information Network Trans Union(Martmon Holdings) Business Services
03/02/95 08/31/95 PSB Holdings Corp CitFed Bancorp Inc Commercial Banks, Bank Holding Companies
02/28/95 07/18/95 Marion Merrell Dow Inc Hoechst AG Drugs
02/28/95 06/08/95 Maxus Energy Corp YPF Sociedad Anonima Oil and Gas; Petroleum Refining
02/27/95 06/29/95 America First REIT Inc Mid-American Apartment Investment & Commodity Firms, Dealers,
Exchang
02/17/95 06/30/95 American Equity Bancorp Inc Anchor Bancorp Wisconsin Inc Savings and Loans, Mutual Savings Banks
02/15/95 07/03/95 American Recreation Co Bell Sports Corp Transportation Equipment
02/15/95 03/31/95 Title Wave Stores Inc Hollywood Entertainment Corp Retail Trade-Home Furnishings
02/15/95 06/30/95 Urban National Bank Hubco Inc Commercial Banks, Bank Holding Companies
02/14/95 05/31/95 Intertrans Corp Fritz Cos Inc Air Transportation and Shipping
02/10/95 05/15/95 Hadson Corp LG&E Energy Corp Oil and Gas; Petroleum Refining
02/07/95 05/18/95 Glycomed Inc Ligand Pharmaceutical Inc Business Services
02/07/95 06/01/95 Petstuff Inc PetSmart Inc Miscellaneous Retail Trade
02/07/95 06/15/95 Wavefront Technologies Inc Silicon Graphics Inc Prepackaged Software
02/02/95 06/30/95 New Era Bank United National Bancorp Commercial Banks, Bank Holding Companies
02/01/95 05/15/95 Broadcasting Partners Inc Evergreen Media Corp Radio and Television Broadcasting
Stations
01/27/95 06/15/95 Easel Corp VMARK Software Inc Prepackaged Software
01/26/95 06/30/95 Lakeland First Financial Group Valley National Bancorp Savings and Loans, Mutual Savings Banks
01/24/95 06/30/95 Broadcast International Inc Data Broadcasting Corp Communications Equipment
01/24/95 06/14/95 Surgical Health Corp HealthSouth Corp Health Services
01/19/95 07/11/95 Bancorp New Jersey Inc UJB Financial Corp Savings and Loans, Mutual Savings Banks
01/19/95 03/16/95 ConferTech International ALC Communications Corp Communications Equipment
01/17/95 03/28/95 Monitor Technologies Inc Nortech Systems Inc Measuring, Medical, Photo Equipment;
Clocks
01/13/95 07/13/95 Community Health Computing ADAC Laboratories Measuring, Medical, Photo Equipment;
Clocks
01/12/95 04/26/95 Re Capital Corp Zurich Reinsurance Centre Insurance
01/10/95 02/22/95 Forsyth Properties Inc Highwoods Properties Inc Real Estate; Mortgage Bankers and Brokers
01/10/95 03/31/95 Mayflower Group Inc Laidlaw Inc Transportation and Shipping (except air)
01/09/95 07/03/95 Deerbank Corp NBD Bancorp,Detroit,Michigan Savings and Loans, Mutual Savings Banks
01/09/95 05/12/95 Pet Inc Pillsbury Co(Grand Met PLC) Food and Kindred Products
01/09/95 04/05/95 United Stationers Inc Associated Stationers Inc Wholesale Trade-Nondurable Goods
01/04/95 04/05/95 Mitek Surgical Products Johnson & Johnson Measuring, Medical, Photo Equipment;
Clocks
01/03/95 06/01/95 Coral Gables Fedcorp Inc First Union Natl Bank of FL Commercial Banks, Bank Holding
12/27/94 02/13/95 PERRY DRUG STORES, INC. RITE AID CORP MISCELLANEOUS RETAIL TRADE
12/26/94 03/03/95 Krelitz Industries Inc D&K Wholesale Drug Inc Wholesale Trade-Nondurable Goods
12/22/94 01/17/95 Delta Drilling Co Nabors Industries Inc Oil and Gas; Petroleum Refining
12/22/94 12/22/94 NDL Products Inc DHB Capital Group Inc Miscellaneous Manufacturing
12/16/94 03/02/95 Caesars World Inc ITT Corp Hotels and Casinos
12/12/94 04/03/95 American Financial Corp American Premier Underwriters Insurance
12/12/94 04/03/95 Delaware Management Holdings Lincoln National Corp Investment & Commodity Firms, Dealers,
Exchang
12/09/94 03/29/95 Concord Holding Corp Bisys Group Inc Investment & Commodity Firms, Dealers,
Exchang
12/09/94 03/31/95 Crop Genetics International biosys Chemicals and Allied Products
12/09/94 03/15/95 Sports-Tech International Inc Dainichi Electronics Inc Computer and Office Equipment
12/07/94 03/23/95 Security Capital Pacific Trust Property Trust of America Investment & Commodity Firms, Dealers,
Exchang
12/06/94 02/28/95 Welbilt Corp(new) Berisford International PLC Electronic and Electrical Equipment
11/21/94 03/24/95 Allison Engine Company Inc Rolls-Royce PLC Aerospace and Aircraft
11/18/94 12/30/94 Synergen Inc Amgen Inc Business Services
11/16/94 11/16/94 Individualized Rehabilitation First Option Health Plan, NJ Health Services
11/16/94 12/28/94 MEDSTAT Group Inc Thomson Corp Business Services
11/14/94 02/13/95 Powersoft Corp Sybase Inc Prepackaged Software
</TABLE>
<TABLE>
<CAPTION> CONSIDERATION (%) PREMIUM (%)
DATE DATE TRANSACTION --------------------- ------------------------
ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS
- --------- --------- ----------- ------ ------ ----- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/06/95 08/01/95 22.5 100.0% 0.0% 0.0% 37.5 83.3 57.1
03/02/95 06/28/95 658.7 0.0% 100.0% 0.0% 118.5 118.5 118.5
03/02/95 08/30/95 18.3 100.0% 0.0% 0.0% 27.3 27.3 27.3
03/02/95 08/31/95 42.9 0.0% 99.9% 0.1% 34.7 32.4 32.4
02/28/95 07/18/95 7,121.0 100.0% 0.0% 0.0% 7.9 7.9 4.0
02/28/95 06/08/95 1,843.8 45.8% 0.0% 54.2% 46.7 41.9 57.1
02/27/95 06/29/95 56.8 0.0% 100.1% (0.1%) 38.0 44.6 43.4
02/17/95 06/30/95 12.5 0.0% 99.6% 0.4%
02/15/95 07/03/95 72.6 0.0% 100.0% 0.0% 35.0 25.0 35.0
02/15/95 03/31/95 8.5 100.0% 0.0% 0.0% 33.3 77.8 34.7
02/15/95 06/30/95 34.7 0.0% 100.0% 0.0%
02/14/95 05/31/95 216.1 0.0% 100.0% 0.0% 17.7 22.5 40.6
02/10/95 05/15/95 167.7 100.0% 0.0% 0.0%
02/07/95 05/18/95 54.2 0.0% 100.1% (0.1%) 33.0 35.7 61.5
02/07/95 06/01/95 97.9 0.0% 100.0% 0.0% (6.5) 24.7 11.2
02/07/95 06/15/95 111.4 0.0% 100.0% 0.0% 9.7 27.2 27.2
02/02/95 06/30/95 19.3 0.0% 100.2% (0.2%)
02/01/95 05/15/95 237.7 39.5% 26.5% 34.1% 33.7 26.3 30.4
01/27/95 06/15/95 24.6 0.0% 100.2% (0.2%) 10.9 (2.9) 24.3
01/26/95 06/30/95 116.7 0.0% 100.0% 0.0% 39.8 43.1 51.2
01/24/95 06/30/95 37.8 35.7% 64.4% (0.1%) 15.9 12.0 17.2
01/24/95 06/14/95 211.7 0.0% 100.0% (0.0%)
01/19/95 07/11/95 104.4 34.7% 65.3% 0.0% 68.9 74.3 74.3
01/19/95 03/16/95 65.3 100.0% 0.0% 0.0% 45.5 29.0 85.5
01/17/95 03/28/95 0.8 0.0% 101.6% (1.6%)
01/13/95 07/13/95 16.5 100.0% 0.0% 0.0%
01/12/95 04/26/95 199.4 65.4% 0.0% 34.6% 45.1 45.1 48.0
01/10/95 02/22/95 169.2 15.9% 11.5% 72.6%
01/10/95 03/31/95 157.0 100.0% 0.0% 0.0%
01/09/95 07/03/95 100.5 0.0% 100.0% 0.0% 19.9 27.7 24.7
01/09/95 05/12/95 2,610.0 100.0% 0.0% 0.0% 29.2 31.6 52.9
01/09/95 04/05/95 266.6 100.0% 0.0% 0.0% 19.2 17.0 47.6
01/04/95 04/05/95 137.3 0.0% 100.0% 0.0% 27.7 20.0 44.6
01/03/95 06/01/95 486.6 100.0% 0.0% 0.0% 23.7 26.6 43.7
12/27/94 02/13/95 133.2 100.0% 0.0% 0.0% 44.3 44.3 46.7
12/26/94 03/03/95 1.4 100.0% 0.0% 0.0%
12/22/94 01/17/95 20.0 100.0% 0.0% 0.0%
12/22/94 12/22/94 3.1 100.0% 0.0% 0.0%
12/16/94 03/02/95 1,695.7 100.0% 0.0% 0.0% 58.4 58.8 57.0
12/12/94 04/03/95 1,686.5 0.0% 40.7% 59.3%
12/12/94 04/03/95 531.5 56.4% 0.0% 43.6%
12/09/94 03/29/95 121.5 0.0% 100.0% 0.0% 78.6 78.6 57.8
12/09/94 03/31/95 11.3 0.0% 59.1% 40.9% (9.8) (29.1) (38.0)
12/09/94 03/15/95 0.8 100.0% 0.0% 0.0%
12/07/94 03/23/95 245.4 0.0% 56.6% 43.4%
12/06/94 02/28/95 441.8 66.5% 0.0% 33.5% 28.6 37.8 35.0
11/21/94 03/24/95 525.0 100.0% 0.0% 0.0%
11/18/94 12/30/94 239.9 100.0% 0.0% 0.0% 4.2 25.4
11/16/94 11/16/94 1.5 60.0% 0.0% 40.0%
11/16/94 12/28/94 305.7 100.0% 0.0% 0.0% 56.5 68.8 56.5
11/14/94 02/13/95 817.3 0.0% 100.0% 0.0% 26.1 22.4 33.2
</TABLE>
<PAGE> 26
ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 7
PREMIUMS AND FORM OF CONSIDERATION PAID (a)
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY
- --------- --------- ------------------------------- ------------------------------- -----------------------------------------
<S> <C> <C> <C> <C>
11/14/94 12/30/94 Triconex Corp Siebe PLC Measuring, Medical, Photo Equipment;
Clocks
11/10/94 03/07/95 Margaux Inc Dover Diversified Inc Electronic and Electrical Equipment
11/08/94 02/24/95 SciMed Life Systems Inc Boston Scientific Corp Measuring, Medical, Photo Equipment;
Clocks
11/08/94 12/23/94 Trico Products Corp Stant Corp Transportation Equipment
11/04/94 01/29/95 United Inns United/Harvey Holdings LP Hotels and Casinos
11/03/94 03/15/95 Birtcher Medical Systems Inc Conmed Corp Measuring. Medical, Photo Equipment;
Clocks
11/02/94 12/06/94 Snapple Beverage Corp Quaker Oats Co Food and Kindred Products
10/31/94 03/16/95 NAMIC USA Corp Pfizer Inc Measuring, Medical, Photo Equipment;
Clocks
10/31/94 02/21/95 Vestar Inc NeXagen Inc Drugs
10/26/94 02/28/95 FirstRock Bancorp Inc First Financial Corp,WI Savings and Loans, Mutual Savings Banks
10/25/94 01/05/95 Digidesign Inc Avid Technology Inc Business Services
10/25/94 02/28/95 West Coast Bancorp Commercial Bancorp Commercial Banks, Bank Holding Companies
10/24/94 04/03/95 Savin Corp(HCS Technology NV) Ricoh Corp(Ricoh Co Ltd) Measuring, Medical, Photo Equipment;
Clocks
10/24/94 03/02/95 Vermont Research Corp Storage Computer Inc Computer and Office Equipment
10/21/94 10/21/94 Wert & Garvey Inc DiMark Inc Investment & Commodity Firms, Dealers,
Exchang
10/19/94 11/29/94 Sym-Tek Systems Inc Aetrium Inc Measuring, Medical, Photo Equipment;
Clocks
10/17/94 12/02/94 All American Gourmet Co HJ Heinz Co Food and Kindred Products
10/17/94 02/28/95 American Union Bank,Union,NJ Valley National Bancorp Commercial Banks, Bank Holding Companies
10/14/94 12/13/94 Applied Digital Data Systems Sunriver Corp Computer and Office Equipment
10/10/94 12/15/94 Associated Natural Gas Corp Panhandle Eastern Corp Electric, Gas, and Water Distribution
10/10/94 03/24/95 Colonial Group Inc Liberty Financial Cos Inc Investment & Commodity Firms, Dealers,
Exchang
10/07/94 04/05/95 Jefferson National Bank Hubco Inc Commercial Banks, Bank Holding Companies
10/06/94 02/28/95 NBSC Corp Synovus Financial Corp Commercial Banks, Bank Holding Companies
10/05/94 03/31/95 University Bank & Trust Co,CA Comerica Inc,Detroit.Michigan Commercial Banks, Bank Holding Companies
10/04/94 11/18/94 Malibu Grand Prix Corp Mountasia Entertainment Amusement and Recreation Services
10/03/94 12/20/94 CareNetwork Inc Humana Inc Insurance
10/03/94 10/03/94 Chomerics Inc(WR Grace & Co) Parker Hannifin Corp Electronic and Electrical Equipment
10/03/94 11/14/94 Information America Inc West Publishing Co Business Services
09/27/94 02/28/95 Public Storage Properties VI Storage Equities Inc Transportation and Shipping (except air)
09/27/94 12/21/94 Revell-Monogram Inc Hallmark Cards Inc Miscellaneous Manufacturing
09/26/94 02/01/95 Arbor National Holdings Inc BankAmerica Corp Real Estate; Mortgage Bankers and Brokers
09/26/94 02/27/95 Columbus National Bank,NC Triangle Bancorp Inc Commercial Banks, Bank Holding Companies
09/26/94 01/27/95 EquiCredit Corp Barnett Banks Inc Real Estate; Mortgage Bankers and Brokers
09/22/94 02/24/95 Community Bancshares First Tennessee National Corp Commercial Banks, Bank Holding Companies
09/22/94 02/17/95 United States Paging Corp Mobile Telecom Technologies Telecommunications
09/21/94 11/28/94 Anthem Electronics Inc Arrow Electronics Inc Wholesale Trade-Durable Goods
09/19/94 12/29/94 ReLife Inc HealthSouth Corp Health Services
09/16/94 12/09/94 Orthomet Inc Wright Medical Technology Inc Measuring, Medical, Photo Equipment;
Clocks
09/15/94 10/31/94 American Income Holdings Torchmark Corp Insurance
09/15/94 12/01/94 Southern Health Management Coventry Corp Health Services
09/12/94 03/14/95 Borden Inc Kohlberg Kravis Roberts & Co Food and Kindred Products
09/12/94 01/03/95 Gencare Health Systems United HealthCare Corp Insurance
09/09/94 03/31/95 Atlantic Community Bancorp Inc Triangle Bancorp Inc Commercial Banks, Bank Holding Companies
09/09/94 02/08/95 Great Lakes Bancorp TCF Financial Corp Savings and Loans, Mutual Savings Banks
09/09/94 01/17/95 USLICO Corp NWNL Cos Inc Insurance
09/08/94 03/01/95 Xyplex Inc Raytheon Co Computer and Office Equipment
09/06/94 03/03/95 Plaza Home Mortgage Corp Fleet National Bank,Providence Real Estate; Mortgage Bankers and Brokers
09/02/94 03/15/95 Point Bancorp Inc One Valley Bancorp of WV Commercial Banks, Bank Holding Companies
09/01/94 01/20/95 Jefferson Savings & Loan Assn Crestar Financial Corp Savings and Loans, Mutual Savings Banks
08/31/94 03/09/95 Cardiovascular Imaging Systems Boston Scientific Corp Measuring, Medical, Photo Equipment;
Clocks
08/31/94 02/17/95 Gwinnett Bancshares Inc Bank South Corp,Atlanta,GA Savings and Loans, Mutual Savings Banks
</TABLE>
<TABLE>
<CAPTION> CONSIDERATION (%) PREMIUM (%)
DATE DATE TRANSACTION --------------------- ------------------------
ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS
- --------- --------- ----------- ------ ------ ----- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
11/14/94 12/30/94 94.7 100.0% 0.0% 0.0% 4.8 14.5 9.2
11/10/94 03/07/95 11.5 100.0% 0.0% 0.0%
11/08/94 02/24/95 897.3 0.0% 100.0% 0.0% 23.8 26.8 34.4
11/08/94 12/23/94 159.9 100.0% 0.0% 0.0% 39.3 34.9 80.9
11/04/94 01/29/95 67.6 100.0% 0.0% 0.0%
11/03/94 03/15/95 23.0 0.0% 99.8% 0.2% (21.3) (29.2) (35.6)
11/02/94 12/06/94 1,702.7 100.0% 0.0% 0.0% (1.8) (4.3) 16.7
10/31/94 03/16/95 155.2 0.0% 100.0% 0.0% 32.5 38.8 71.9
10/31/94 02/21/95 95.2 0.0% 100.0% 0.0% 29.9 26.9 33.1
10/26/94 02/28/95 71.7 0.0% 100.0% 0.0% 20.4 19.1 14.1
10/25/94 01/05/95 196.0 0.0% 100.0% 0.0% 21.2 26.8 41.6
10/25/94 02/28/95 27.9 0.0% 100.0% 0.0% 10.0 7.0 5.6
10/24/94 04/03/95 40.1 100.0% 0.0% 0.0%
10/24/94 03/02/95 5.0 0.0% 100.0% 0.0%
10/21/94 10/21/94 11.7 0.0% 100.0% 0.0%
10/19/94 11/29/94 7.0 100.0% 0.0% 0.0%
10/17/94 12/02/94 200.0 100.0% 0.0% 0.0%
10/17/94 02/28/95 7.3 0.0% 100.0% 0.0%
10/14/94 12/13/94 21.8 100.0% 0.0% 0.0%
10/10/94 12/15/94 828.0 0.0% 71.1% 28.9% 13.9 23.3 26.3
10/10/94 03/24/95 295.1 33.4% 60.6% 6.0% 36.8 46.9 40.8
10/07/94 04/05/95 9.7 0.0% 99.9% 0.1%
10/06/94 02/28/95 150.7 0.0% 100.0% 0.0% 15.2 8.4 21.7
10/05/94 03/31/95 71.5 0.0% 100.0% 0.0% 18.6 18.6 21.7
10/04/94 11/18/94 20.2 89.1% 10.8% 0.1%
10/03/94 12/20/94 120.3 100.0% 0.0% 0.0% 132.2 149.4 119.6
10/03/94 10/03/94 40.0 100.0% 0.0% 0.0%
10/03/94 11/14/94 29.3 100.0% 0.0% 0.0% 54.8 65.5 84.6
09/27/94 02/28/95 67.3 100.0% 0.0% 0.0% 6.0 4.3 4.3
09/27/94 12/21/94 29.8 100.0% 0.0% 0.0% 10.9 4.1 10.9
09/26/94 02/01/95 119.5 0.0% 100.0% 0.0% (17.1) (14.5) (15.0)
09/26/94 02/27/95 13.7 0.0% 99.8% 0.2%
09/26/94 01/27/95 332.0 100.0% 0.0% 0.0% 29.9 18.0 47.1
09/22/94 02/24/95 58.7 0.0% 99.9% 0.1% 20.8 20.8 13.0
09/22/94 02/17/95 30.5 0.0% 99.9% 0.1% 46.6 72.9 159.4
09/21/94 11/28/94 429.9 0.0% 100.0% 0.0% 40.8 47.5 48.3
09/19/94 12/29/94 125.0 0.0% 100.0% 0.0% 32.2 43.3 71.4
09/16/94 12/09/94 63.7 97.8% 0.0% 2.2% 33.3 37.5 51.7
09/15/94 10/31/94 550.8 100.0% 0.0% 0.0% 16.7 17.2 15.7
09/15/94 12/01/94 75.0 0.0% 100.0% 0.0%
09/12/94 03/14/95 4,324.2 0.0% 44.5% 55.5% 17.0 12.2 9.9
09/12/94 01/03/95 512.2 100.0% 0.0% 0.0% 20.3 16.2 45.0
09/09/94 03/31/95 19.9 0.0% 100.0% 0.0% 18.7 18.7 24.4
09/09/94 02/08/95 177.5 0.0% 100.0% 0.0% 14.6 20.0 26.7
09/09/94 01/17/95 328.1 0.0% 70.7% 29.3% (3.6) 2.1 8.5
09/08/94 03/01/95 171.8 100.0% 0.0% 0.0% 51.4 53.4 75.0
09/06/94 03/03/95 83.8 100.0% 0.0% 0.0% (8.8) (0.5) 3.8
09/02/94 03/15/95 16.0 28.8% 71.1% 0.2%
09/01/94 01/20/95 22.3 100.0% 0.0% 0.0% 41.7 44.7 54.5
08/31/94 03/09/95 93.8 100.0% 0.0% 0.0% 52.7 61.5 71.4
08/31/94 02/17/95 62.0 0.0% 100.1% (0.1%) 5.3 16.5 23.7
</TABLE>
<PAGE> 27
ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 8
PREMIUMS AND FORM OF CONSIDERATION PAID (a)
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY
- --------- --------- ------------------------------- ------------------------------- -----------------------------------------
<S> <C> <C> <C> <C>
08/30/94 03/15/95 Lockheed Corp Martin Marietta Corp Aerospace and Aircraft
08/30/94 02/15/95 Red Eagle Resources Corp Lomak Petroleum Inc Oil and Gas; Petroleum Refining
08/29/94 11/01/94 Brock Candy Co Brach Acquisition Co Food and Kindred Products
08/29/94 11/29/94 Marine Harvest International Booker PLC Food and Kindred Products
08/29/94 12/30/94 Soricon Corp International Verifact Inc Computer and Office Equipment
08/26/94 03/23/95 First Moline Financial Corp Firstar Corp Commercial Banks, Bank Holding Companies
09/26/94 12/30/94 Zenith Laboratories Inc IVAX Corp Drugs
08/25/94 12/16/94 Babbages Software Etc Stores Inc Retail Trade-Home Furnishings
08/25/94 09/30/94 Service Fracturing Co Nowsco Well Service Ltd Oil and Gas; Petroleum Refining
08/24/94 12/20/94 American Capital Management Van Kampen Merritt Cos Inc Investment & Commodity Firm, Dealers,
Exchang
08/22/94 02/01/95 First National Bank Corp Old Kent Financial Corp Commercial Banks, Bank Holding Companies
09/22/94 02/14/95 Independent Bancorp of Arizona Norwest Corp,Minneapolis,MN Commercial Banks, Bank Holding Companies
09/22/94 10/03/94 Neutrogena Corp Johnson & Johnson Soaps, Cosmetics, and Personal-Care
Products
08/19/94 08/19/94 Sunland Computer Services Inc Dataflex Corp Business Services
08/18/94 11/29/94 Joy Technologies Inc Harnischfeger Industries Inc Machinery
08/18/94 09/29/94 Micro Palm Computers Inc WPI Group Inc Computer and Office Equipment
08/18/94 03/01/95 Worthen Banking,Little Rock,AR Boatmen's Bancshares Inc Commercial Banks, Bank Holding Companies
08/17/94 03/17/95 Bank of Western Massachusetts Chittenden Corp Commercial Banks, Bank Holding Companies
08/16/94 03/31/95 LF Bancorp Inc BancorpSouth Inc Savings and Loans, Mutual Savings Banks
09/15/94 10/27/94 Sundowner Offshore Services Nabors Industries Inc Oil and Gas; Petroleum Refining
08/10/94 01/31/95 Civisla Corp First Bancorp of Ohio Savings and Loans, Mutual Savings Banks
08/10/94 11/16/94 General Atlantic Resources Inc United Meridian Corp Oil and Gas; Petroleum Refining
08/09/94 03/07/95 Network Systems Corp Storage Technology Corp Computer and Office Equipment
08/05/94 08/26/94 Hyload Inc Ruberoid PLC Rubber and Miscellaneous Plastic Products
08/04/94 03/14/95 Trident NGL Holding Inc Natural Gas Clearinghouse Oil and Gas; Petroleum Refining
08/03/94 09/09/94 American Residential Holding Chase Manhattan Bank Real Estate; Mortgage Bankers and Brokers
08/03/94 03/03/95 Brentwood Financial Corp PNC Bank Corp,Pitisburgh,PA Savings and Loans, Mutual Savings Banks
08/03/94 11/21/94 ElectroCorn Automation Inc AEG AG(Daimler-Benz AG) Electronic and Electrical Equipment
08/03/94 12/14/94 Holly Residential Properties Wellsford Residential Ppty Tr Investment & Commodity Firms, Dealers,
Exchang
08/02/94 02/01/95 Levy Bancorp First Interstate Bancorp,CA Commercial Banks, Bank Holding Companies
08/02/94 08/31/94 WestGas Gathering Inc WG Acquisition Inc Electric, Gas, and Water Distribution
08/01/94 03/03/95 Grill Concepts Inc Magellan Restaurant Systems Retail Trade-Eating and Drinking Places
08/01/94 11/30/94 KnowledgeWare Inc Sterling Software Inc Prepackaged Software
08/01/94 02/28/95 Southern National,Lumberton,NC BB&T Financial Corp Commercial Banks, Bank Holding Companies
07/27/94 09/21/94 IRT Corp Thermo Instrument Systems Inc Electronic and Electrical Equipment
07/27/94 12/30/94 Knogo Corp Sensurmatic Electronics Corp Communications Equipment
07/25/94 09/21/94 Nature Food Centres Inc General Nutrition Companies Retail Trade-Food Stores
07/22/94 11/30/94 AdvaCare Inc Medaphis Corp Business Services
07/22/94 11/17/94 Keptel Inc Antec Corp Communications Equipment
07/15/94 07/15/94 Homart Development Co Sizeler Property Investors In Real Estate; Mortgage Bankers and Brokers
07/14/94 09/19/94 Active Noise & Vibration Tech Noise Cancellation Tech Inc Measuring, Medical, Photo Equipment;
Clocks
07/14/94 10/19/94 Kendall International Inc Tyco International Ltd Measuring, Medical, Photo Equipment;
Clocks
07/14/94 09/26/94 Southern Hospitality Corp DavCo Restaurants Inc Retail Trade-Eating and Drinking Places
07/13/94 12/30/94 IDB Communications Group Inc LDDS Communications Inc Telecommunications
07/12/94 10/19/94 Diasonics Ultrasound Inc Elbit Ltd(Elron Electronic) Measuring, Medical, Photo Equipment;
Clocks
07/12/94 09/16/94 Katz Media Investor Group Advertising Services
07/08/94 12/30/94 Union Bank & Trust Montgomery Regions Financial Corp Commercial Banks, Bank Holding Companies
07/06/94 01/13/93 Anchor Bancorp Inc Dime Bancorp Savings and Loans, Mutual Savings Banks
07/06/94 11/30/94 Rock Financial Corp Valley National Bancorp Credit Institutions
07/05/94 10/21/94 SynOptics Communications Inc Wellfleet Communications Business Services
07/01/94 01/03/95 Fibronics International Inc Elbit Ltd(Elron Electronic) Communications Equipment
</TABLE>
<TABLE>
<CAPTION> CONSIDERATION (%) PREMIUM (%)
DATE DATE TRANSACTION --------------------- ------------------------
ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS
- --------- --------- ----------- ------ ------ ----- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/30/94 03/15/95 5,204.1 0.0% 100.0% 0.0% 19.2 24.3 26.1
08/30/94 02/15/95 32.5 33.8% 66.0% 0.1% 30.2 46.9 59.1
08/29/94 11/01/94 155.0 90.3% 0.0% 9.7% 105.1 116.2 150.0
08/29/94 11/29/94 120.4 100.0% 0.0% 0.0% 14.9 31.6 33.8
08/29/94 12/30/94 15.2 0.0% 100.0% 0.0% 14.7 26.7 (5.0)
08/26/94 03/23/95 8.8 0.0% 99.5% 0.5%
09/26/94 12/30/94 612.5 0.0% 100.0% 0.0% 25.3 26.8 63.9
08/25/94 12/16/94 62.3 0.0% 99.9% 0.1% (0.4) 8.8 11.4
08/25/94 09/30/94 23.4 100.0% 0.0% 0.0% 51.7 30.0 30.0
08/24/94 12/20/94 440.0 97.7% 0.0% 2.3%
08/22/94 02/01/95 85.2 0.0% 100.0% 0.0% 25.0 27.3 30.8
09/22/94 02/14/95 158.6 100.0% 0.0% 0.0%
09/22/94 10/03/94 933.1 100.0% 0.0% 0.0% 22.6 34.3 78.5
08/19/94 08/19/94 4.8 0.0% 100.0% 0.0%
08/18/94 11/29/94 413.5 0.0% 100.0% 0.0% 32.1 32.1 33.8
08/18/94 09/29/94 1.8 0.0% 100.0% 0.0%
08/18/94 03/01/95 595.0 0.0% 100.0% 0.0% 10.9 10.9 16.0
08/17/94 03/17/95 25.7 44.8% 55.2% 0.0%
08/16/94 03/31/95 28.1 0.0% 100.0% 0.0% 64.9 73.0 97.0
09/15/94 10/27/94 83.9 0.0% 100.0% 0.0% 27.5 26.4 33.5
08/10/94 01/31/95 154.0 0.0% 100.0% 0.0%
08/10/94 11/16/94 182.3 43.0% 40.6% 16.4% (7.0) (9.6) 11.9
08/09/94 03/07/95 331.8 0.0% 100.0% 0.0% 23.8 44.6 45.9
08/05/94 08/26/94 3.0 100.0% 0.0% 0.0%
08/04/94 03/14/95 735.6 21.0% 21.9% 57.1% 7.9 12.9 21.5
08/03/94 09/09/94 332.3 100.0% 0.0% 0.0% 63.8 65.0 54.8
08/03/94 03/03/95 20.3 100.0% 0.0% 0.0% 3.6 16.0 11.5
08/03/94 11/21/94 265.0 100.0% 0.0% 0.0% 63.3 66.7 70.2
08/03/94 12/14/94 130.0 0.0% 100.0% 0.0% 10.3 6.7 6.7
08/02/94 02/01/95 86.5 0.0% 100.0% 0.0%
08/02/94 08/31/94 87.0 100.0% 0.0% 0.0%
08/01/94 03/03/95 53.1 0.0% 88.0% 12.0%
08/01/94 11/30/94 68.5 0.0% 100.0% 0.0% (2.2) 23.1 (6.9)
08/01/94 02/28/95 1,340.2 0.0% 100.0% 0.0% 46.7 49.4 51.2
07/27/94 09/21/94 6.8 100.0% 0.0% 0.0%
07/27/94 12/30/94 99.6 0.0% 100.0% 0.0% 11.1 10.3 19.6
07/25/94 09/21/94 61.2 100.0% 0.0% 0.0% 21.5 37.1 50.0
07/22/94 11/30/94 106.4 0.0% 34.8% 65.2% 11.1 11.1 2.1
07/22/94 11/17/94 83.8 100.0% 0.0% 0.0% 12.5 24.1 42.6
07/15/94 07/15/94 11.0 100.0% 0.0% 0.0%
07/14/94 09/19/94 2.7 7.4% 92.6% 0.0%
07/14/94 10/19/94 1,435.4 0.0% 100.0% 0.0% 20.3 19.4 22.1
07/14/94 09/26/94 18.4 76.1% 0.0% 23.9%
07/13/94 12/30/94 879.8 0.0% 100.0% 0.0% (2.1) 2.7 1.3
07/12/94 10/19/94 69.9 100.0% 0.0% 0.0% 47.0 37.8 52.1
07/12/94 09/16/94 287.1 34.7% 0.0% 65.3%
07/08/94 12/30/94 66.2 0.0% 96.9% 3.1%
07/06/94 01/13/93 533.1 0.0% 100.0% 0.0% 18.0 22.3 32.0
07/06/94 11/30/94 47.2 0.0% 99.9% 0.1% 7.7 7.7 19.2
07/05/94 10/21/94 1,170.7 0.0% 100.0% 0.0% 16.2 28.5 16.2
07/01/94 01/03/95 7.6 0.0% 100.0% 0.0%
</TABLE>
<PAGE> 28
ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 9
PREMIUMS AND FORM OF CONSIDERATION PAID (a)
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY
- --------- --------- ------------------------------- ------------------------------- -----------------------------------------
<S> <C> <C> <C> <C>
07/01/94 08/17/94 Lincoln Foodservice Products Welbilt Corp(new) Machinery
06/30/94 01/16/95 Central Jersey Bancorp National Westminster Bank Commercial Banks, Bank Holding Companies
06/29/94 12/28/94 Premiere Page Inc USA Mobile Communications Telecommunications
06/27/94 10/03/94 Golden West Homes Oakwood Homes Corp Wood Products, Furniture, and Fixtures
06/27/94 11/04/94 Kirschner Medical Corp Biomet Inc Measuring, Medical, Photo Equipment;
Clocks
06/27/94 11/30/94 Metro Bancshares Inc North Fork Bancorp Savings and Loans, Mutual Savings Banks
06/24/94 01/10/95 Commerce Bank,VA BB&T Financial Corp Commercial Banks, Bank Holding Companies
06/23/94 08/29/94 Gates/FA Distributing Inc Arrow Electronics Inc Wholesale Trade-Durable Goods
06/22/94 11/10/94 RHNB Corp,Rock Hill, SC NationsBank Corp Commercial Banks, Bank Holding Companies
06/20/94 06/29/94 Kover Group Inc Med/Waste Inc Business Services
06/17/94 09/30/94 Health Equity Properties Inc Omega Healthcare Investors Inc Investment & Commodity Firms, Dealers,
Exchang
06/15/94 09/30/94 TSI Corp Genzyme Transgenics Corp Business Services
06/14/94 11/15/94 Summit Bancorp, Bellevue, WA Washington Mutual Svgs,Seattle Commercial Banks, Bank Holding Companies
06/13/94 09/16/94 Chiles Offshore Noble Drilling Corp Oil and Gas; Petroleum Refining
06/13/94 10/06/94 Hallmark Healthcare Corp Community Health Systems Inc Health Services
06/13/94 01/06/95 Quincy Savings Bank,Quincy,MA Citizens Financial Group Inc Commercial Banks, Bank Holding Companies
06/13/94 09/08/94 Trans Sierra Communications Mikohn Gaming Corp Business Services
06/09/94 08/23/94 Sunward Technologies Inc Read-Rite Corp Electronic and Electrical Equipment
06/02/94 11/01/94 Charter FSB Bancorp Inc Sovereign Bancorp Savings and Loans, Mutual Savings Banks
06/02/94 11/23/94 Koll Management Services(Koll) Investor Group Real Estate; Mortgage Bankers and Brokers
06/01/94 09/01/94 Nichols Institute Corning Lab Services Inc Business Services
05/31/94 11/01/94 Horne Federal Svgs Bk.Wash,DC First Union Corp,Charlotte,NC Savings and Loans, Mutual Savings Banks
05/23/94 09/01/94 H&H Oil Tool Co Weatherford International Inc Business Services
05/23/94 09/16/94 Medical Care America Inc Columbia Healthcare Corp Health Services
05/23/94 09/01/94 SuperMac Technology Inc Radius Inc Computer and Office Equipment
05/23/94 08/05/94 Wheatley TXT Corp Dresser Industries Inc Electric, Gas, and Water Distribution
05/19/94 09/20/94 ASK Group Inc Computer Associates Intl Inc Business Services
05/13/94 09/01/94 MSA Realty Corp Simon Property Group Investment & Commodity Firms, Dealers,
Exchang
05/13/94 09/13/94 Serving Software Inc HBO & Co Prepackaged Software
05/11/94 10/13/94 Optical Radiation Corp Benson Eyecare Corp Measuring, Medical, Photo Equipment;
Clocks
05/10/94 08/19/94 PDA Engineering MacNeal-Schwendler Corp Business Services
05/06/94 09/20/94 Glendale Bancorporation Mellon Bank,Pittsburgh,PA Commercial Banks, Bank Holding Companies
05/06/94 05/06/94 RF Inc Butler National Corp Wholesale Trade-Durable Goods
05/04/94 06/23/94 Allied Clinical Laboratories National Health Laboratories Health Services
05/03/94 05/03/94 Universal Land Title Inc. Engle Homes Inc Insurance
05/02/94 09/29/94 Statesman Group Inc Conseco Capital Partners II LP Insurance
05/02/94 11/03/94 Syntex Corp Roche Holding AG Drugs
04/26/94 08/10/94 Montana Naturals Intl Inc Vitamin Specialties Corp Food and Kindred Products
04/26/94 05/27/94 RHI Entertainment Inc Hallmark Cards Inc Motion Picture Production and Distribution
04/18/94 08/15/94 Total Energy Services Co Enterra Corp Machinery
04/15/94 09/30/94 Suburban Bancorp,Palatine,IL Bank of Montreal Commercial Banks, Bank Holding Companies
04/11/94 08/10/94 Fischer & Porter Co Elsag Bailey Process Measuring, Medical, Photo Equipment;
Clocks
04/05/94 09/14/94 Kenfil Inc AmeriQuest Technologies Inc Wholesale Trade-Durable Goods
04/04/94 07/15/94 Hook-SupeRx, Inc Revco DS Inc(Anac Holding) Miscellaneous Retail Trade
03/31/94 06/01/94 Central Point Software Inc Symantec Corp Prepackaged Software
03/31/94 11/11/94 Intramed Laboratories Inc Baxter International Inc Measuring, Medical, Photo Equipment;
Clocks
03/31/94 05/12/94 Software Toolworks Inc Pearson PLC Prepackaged Software
03/30/94 10/31/94 First Western Financial Corp AMFED Financial Inc Savings and Loans, Mutual Savings Banks
03/28/94 10/03/94 Fishkill National Corp Community Bancorp Inc NY Commercial Banks, Bank Holding Companies
03/25/94 09/27/94 United National Bancorp First Commonwealth Financial Commercial Banks, Bank Holding Companies
03/24/94 07/13/94 American Oil and Gas Co KN Energy Inc Oil and Gas; Petroleum Refining
</TABLE>
<TABLE>
<CAPTION> CONSIDERATION (%) PREMIUM (%)
DATE DATE TRANSACTION --------------------- ------------------------
ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS
- --------- --------- ----------- ------ ------ ----- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
07/01/94 08/17/94 52.6 100.0% 0.0% 0.0% 17.7 17.7 17.7
06/30/94 01/16/95 286.9 100.0% 0.0% 0.0% 8.1 24.1 20.7
06/29/94 12/28/94 96.0 12.2% 63.9% 23.9% 27.5 37.5 14.3
06/27/94 10/03/94 15.5 0.0% 99.9% 0.1%
06/27/94 11/04/94 40.9 100.0% 0.0% 0.0% 79.2 79.2 87.0
06/27/94 11/30/94 126.9 0.0% 100.0% 0.0% 11.2 13.7 47.4
06/24/94 01/10/95 111.1 0.0% 100.0% 0.0% 25.5 53.2 59.9
06/23/94 08/29/94 141.8 0.0% 100.0% 0.0% 13.9 12.5 13.2
06/22/94 11/10/94 43.7 0.0% 99.9% 0.1% 29.3 45.9 50.4
06/20/94 06/29/94 0.4 0.0% 90.0% 10.0%
06/17/94 09/30/94 144.0 0.0% 100.0% 0.0% 1.2 (0.1) 1.2
06/15/94 09/30/94 27.1 0.0% 99.9% 0.1% 42.9 17.6 73.9
06/14/94 11/15/94 25.6 0.0% 100.0% 0.0% 36.5 32.6 49.7
06/13/94 09/16/94 200.2 0.0% 100.0% 0.0% 5.0 2.4 23.5
06/13/94 10/06/94 161.7 0.0% 43.2% 56.8% 75.7 60.6 111.6
06/13/94 01/06/95 141.1 100.0% 0.0% 0.0% 47.1 44.1 41.1
06/13/94 09/08/94 3.0 0.0% 100.0% 0.0%
06/09/94 08/23/94 109.5 0.0% 100.0% 0.0% 36.3 32.9 58.4
06/02/94 11/01/94 75.9 0.0% 100.0% 0.0% 48.4 54.4 64.5
06/02/94 11/23/94 50.4 100.0% 0.0% 0.0% 33.3 23.1 36.2
06/01/94 09/01/94 322.2 0.0% 69.0% 31.0% 301.0 290.9 301.0
05/31/94 11/01/94 22.9 0.0% 99.9% 0.1% 86.9 113.3 141.7
05/23/94 09/01/94 27.6 0.0% 100.0% 0.0% 67.6 59.6 76.4
05/23/94 09/16/94 875.6 0.0% 100.0% 0.0% 55.7 49.8 66.6
05/23/94 09/01/94 80.5 0.0% 100.0% 0.0% 39.1 47.6 29.1
05/23/94 08/05/94 173.8 0.0% 100.0% 0.0% 25.1 25.1 32.1
05/19/94 09/20/94 328.4 100.0% 0.0% 0.0% 47.2 39.5 57.0
05/13/94 09/01/94 49.5 0.0% 100.0% 0.0% 45.2 36.5 31.2
05/13/94 09/13/94 46.5 0.0% 100.0% 0.0% 5.9 17.3 29.2
05/11/94 10/13/94 135.4 72.1% 27.9% 0.0% 35.6 33.7 35.6
05/10/94 08/19/94 61.0 0.0% 0.0% 00.0% 138.3 138.3 56.6
05/06/94 09/20/94 28.0 100.0% 0.0% 0.0% 31.3 50.0 50.0
05/06/94 05/06/94 3.5 0.0% 99.7% 0.3%
05/04/94 06/23/94 180.6 100.0% 0.0% 0.0% 24.6 68.6 72.0
05/03/94 05/03/94 2.3 100.0% 0.0% 0.0%
05/02/94 09/29/94 349.2 100.0% 0.0% 0.0% 5.2 24.5 41.9
05/02/94 11/03/94 5,307.2 100.0% 0.0% 0.0% 57.4 71.4 79.4
04/26/94 08/10/94 4.9 0.0% 99.4% 0.6%
04/26/94 05/27/94 365.8 100.0% 0.0% 0.0% 35.8 36.5 48.5
04/18/94 08/15/94 296.0 0.0% 77.0% 23.0%
04/15/94 09/30/94 254.1 0.0% 100.0% 0.0% 55.4 79.5 86.1
04/11/94 08/10/94 156.5 100.0% 0.0% 0.0% 181.2 189.6 177.1
04/05/94 09/14/94 9.0 0.0% 99.9% 0.1% (44.0) (25.3) (44.0)
04/04/94 07/15/94 586.8 48.9% 0.0% 51.1% 50.7 48.6 66.7
03/31/94 06/01/94 63.0 0.0% 99.2% 0.8%
03/31/94 11/11/94 9.7 0.0% 99.6% 0.4% 89.2 117.6 117.6
03/31/94 05/12/94 435.4 100.0% 0.0% 0.0% 47.5 28.3 55.3
03/30/94 10/31/94 61.2 51.0% 49.0% 0.0% 30.8 26.6 28.7
03/28/94 10/03/94 26.2 0.0% 100.0% 0.0%
03/25/94 09/27/94 26.0 0.0% 100.0% 0.0% 2.3 2.3 8.9
03/24/94 07/13/94 286.8 0.0% 100.0% 0.0% 4.0 4.0 5.2
</TABLE>
<PAGE> 29
ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 10
PREMIUMS AND FORM OF CONSIDERATION PAID (a)
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY
- --------- --------- ------------------------------- ------------------------------- -----------------------------------------
<S> <C> <C> <C> <C>
03/21/94 10/03/94 Citizens First Bancorp Inc National Westminster Bancorp Commercial Banks, Bank Holding Companies
03/18/94 09/01/94 Momentum Corp Phillips & Jacobs Inc Wholesale Trade-Durable Goods
03/15/94 08/31/94 Aldus Corp Adobe Systems Inc Prepackaged Software
03/10/94 07/19/94 American Natural Energy Corp Alexander Energy Corp Oil and Gas; Petroleum Refining
03/10/94 05/18/94 Grumman Corp Northrop Corp Aerospace and Aircraft
03/07/94 09/30/94 West Newton Savings Bank Shawmut National Corp Savings and Loans, Mutual Savings Banks
03/04/94 10/01/94 Business Bancorp SJNB Financial Corp Commercial Banks, Bank Holding Companies
03/04/94 04/18/94 Home Nutritional Services Inc WR Grace & Co Health Services
03/02/94 09/30/94 Cohasset Svgs Bk,Cohasset,MA Shawmut National Corp Savings and Loans, Mutual Savings Banks
03/01/94 03/21/94 Gitano Group Inc Fruit of the Loom Inc Textile and Apparel Products
02/23/94 08/11/94 Turf Paradise Inc Hollywood Park Inc Amusement and Recreation Services
02/22/94 09/13/94 Crestmont Financial Corp Summit Bancorporation,NJ Savings and Loans, Mutual Savings Banks
02/22/94 05/19/94 Omni Films International Inc Iwerks Entertainment Inc Wood Products, Furniture, and Fixtures
02/21/94 07/01/94 Grand Valley Gas Co Associated Natural Gas Corp Electric, Gas, and Water Distribution
02/17/94 08/31/94 Pioneer Financial Corp Signet Banking Corp Savings and Loans, Mutual Savings Banks
02/15/94 05/31/94 Ramsay-HMO United HealthCare Corp Health Services
02/10/94 05/17/94 Interspec Inc Advanced Technology Labs Measuring, Medical, Photo Equipment;
Clocks
02/07/94 07/11/94 Medisys,Healthinfusion,1 Other T2 Medical Inc Health Services
02/02/94 10/03/94 Loan America Financial Barnett Banks Inc Real Estate; Mortgage Bankers and Brokers
01/31/94 03/31/94 VMX Inc Octel Communications Corp Investment & Commodity Firms, Dealers,
Exchang
01/28/94 09/01/94 Continental Bank Corp NA BankAmerica Corp Commercial Banks, Bank Holding Companies
01/28/94 08/19/94 First Inter-Bancorp Inc First Fidelity Bancorporation Savings and Loans, Mutual Savings Banks
01/27/94 04/01/94 Community Savings Bank,MA Andover Bank,Andover,MA Savings and Loans, Mutual Savings Banks
01/24/94 05/27/94 Envirofil Inc USA Waste Services Inc Business Services
01/24/94 05/18/94 On The Border Cafes Inc Brinker International Inc Retail Trade-Eating and Drinking Places
01/20/94 08/17/94 Mr. Coffee Inc Health o meter Products Inc Electronic and Electrical Equipment
01/19/94 05/31/94 Complete Health Services Inc United HealthCare Corp Health Services
01/18/94 04/07/94 CBM Sage Technologies Inc Retail Trade-Home Furnishings
01/18/94 08/01/94 Frankford Corp Keystone Financial,Harrisburg Commercial Banks, Bank Holding Companies
01/17/94 08/01/94 BancFlorida Financial Corp First Union Corp,Charlotte,NC Credit Institutions
01/14/94 03/08/94 Critical Care America Inc Caremark International Inc Health Services
01/11/94 05/31/94 BMC Bankcorp Inc CBT Corp Commercial Banks, Bank Holding Companies
01/11/94 08/26/94 Cumberland Federal Bancorp Fifth Third Bancorp,Cincinnati Savings and Loans, Mutual Savings Banks
01/10/94 06/17/94 TakeCare Inc FHP International Corp Health Services
01/06/94 09/29/94 Blockbuster Entertainment Corp Viacom Inc(Natl Amusements) Motion Picture Production and Distribution
01/05/94 03/28/94 McGaw Inc IVAX Corp Drugs
01/04/94 06/23/94 Mediplex Group Inc Sun Healthcare Group Inc Health Services
01/03/94 05/18/94 Alta Energy Corp Devon Energy. Corp Oil and Gas; Petroleum Refining
12/29/93 05/02/94 Boston Restaurant Associates Capucino's Inc Retail Trade-Eating and Drinking Places
12/22/93 12/22/93 Automotive Industries Inc Acorn Venture Capital Corp Wholesale Trade-Durable Goods
12/21/93 04/04/94 Care Enterprises Inc Regency Health Services Inc Health Services
12/21/93 08/01/94 Mid-Atlantic Bankcorp Fulton Financial Corp Commercial Banks, Bank Holding Companies
12/17/93 07/01/94 VSB Bancorp Inc UJB Financial Corp Savings and Loans, Mutual Savings Banks
12/16/93 12/16/93 Stewart Foods Inc Modami Services Inc Food and Kindred Products
12/13/93 01/31/94 Nutmeg Industries Inc VF Corp Textile and Apparel Products
12/13/93 01/19/94 United Knitting Inc Dyersburg Corp Textile and Apparel Products
12/08/93 06/30/94 LSB Bancshares Inc of SC BB&T Financial Corp Commercial Banks, Bank Holding Companies
12/03/93 06/30/94 Farm & Home Financial Corp Roosevelt Financial Group Savings and Loans, Mutual Savings Banks
12/03/93 12/03/93 Miracle Recreation Equipment Investor Group Miscellaneous Manufacturing
12/02/93 02/01/94 Rexnord Corp BTR Dunlop Holdings(BTR PLC) Machinery
12/02/93 04/19/94 Summit Health Ltd OrNda HealthCorp Health Services
</TABLE>
<TABLE>
<CAPTION> CONSIDERATION (%) PREMIUM (%)
DATE DATE TRANSACTION --------------------- ------------------------
ANNOUNCED EFFECTIVE VALUE CASH COMMON Other 1 DAY 1 WEEK 4 WEEKS
- --------- --------- ----------- ------ ------ ----- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/21/94 10/03/94 486.1 100.0% 0.0% 0.0% 9.9 20.0 16.4
03/18/94 09/01/94 29.0 0.0% 100.0% 0.0%
03/15/94 08/31/94 433.0 0.0% 100.0% 0.0% 23.0 36.4 59.9
03/10/94 07/19/94 27.9 0.0% 99.9% 0.1% 33.3 47.8 36.0
03/10/94 05/18/94 2,104.0 100.0% 0.0% 0.0% 55.5 65.3 59.0
03/07/94 09/30/94 42.9 100.0% 0.0% 0.0% 35.1 47.1 96.1
03/04/94 10/01/94 9.6 44.8% 54.9% 0.3% 41.7 41.7 47.8
03/04/94 04/18/94 90.8 100.0% 0.0% 0.0% 79.4 90.3 65.3
03/02/94 09/30/94 16.1 100.0% 0.0% 0.0% 33.3 48.8 39.1
03/01/94 03/21/94 100.0 100.0% 0.0% 0.0%
02/23/94 08/11/94 33.8 0.0% 100.0% 0.0% 36.8 33.3 44.4
02/22/94 09/13/94 86.2 0.0% 100.0% 0.0% 5.9 6.5 14.8
02/22/94 05/19/94 19.6 22.4% 77.4% 0.1% (37.0) (30.0) (33.7)
02/21/94 07/01/94 55.0 0.0% 100.0% 0.0% 19.9 24.1 33.7
02/17/94 08/31/94 55.6 0.0% 100.0% 0.0% 8.9 1.8 16.9
02/15/94 05/31/94 564.9 0.0% 100.0% 0.0% 39.8 39.8 55.5
02/10/94 05/17/94 41.9 0.0% 100.0% 0.0% 78.7 78.7 62.4
02/07/94 07/11/94 549.0 0.0% 100.0% 0.0%
02/02/94 10/03/94 60.1 100.0% 0.0% 0.0% 17.3 17.3 21.5
01/31/94 03/31/94 147.0 0.0% 100.0% 0.0% 32.5 33.5 45.6
01/28/94 09/01/94 2,162.0 38.8% 61.2% 0.0% 37.4 42.5 45.2
01/28/94 08/19/94 56.0 100.0% 0.0% 0.0% 19.5 24.1 30.8
01/27/94 04/01/94 3.5 0.0% 0.0% 100.0%
01/24/94 05/27/94 136.1 0.0% 100.0% 0.0% (3.3) (3.3) 5.5
01/24/94 05/18/94 33.0 0.0% 99.9% 0.1% 29.6 45.8 70.7
01/20/94 08/17/94 134.9 100.0% 0.0% 0.0%
01/19/94 05/31/94 205.9 0.0% 100.0% 0.0%
01/18/94 04/07/94 4.1 68.3% 29.5% 2.2%
01/18/94 08/01/94 131.5 0.0% 100.0% 0.0% 35.5 35.5 40.0
01/17/94 08/01/94 108.5 0.0% 100.0% 0.0% 30.4 49.1 49.1
01/14/94 03/08/94 175.0 100.0% 0.0% 0.0%
01/11/94 05/31/94 55.9 0.0% 100.0% 0.0%
01/11/94 08/26/94 137.5 0.0% 100.0% 0.0% 31.0 34.1 40.3
01/10/94 06/17/94 1,033.0 35.0% 15.0% 50.0% 54.6 44.1 53.1
01/06/94 09/29/94 7,971.1 0.0% 100.0% 0.0% 22.7 17.1 26.3
01/05/94 03/28/94 428.5 0.0% 100.0% 0.0% 40.1 52.3 45.1
01/04/94 06/23/94 320.0 33.3% 66.7% 0.0% 14.1 23.1 20.8
01/03/94 05/18/94 67.5 2.1% 40.2% 57.7% (14.0) (16.4) (23.7)
12/29/93 05/02/94 7.3 0.0% 100.0% 0.0%
12/22/93 12/22/93 5.0 100.0% 0.0% 0.0%
12/21/93 04/04/94 120.0 0.0% 100.0% 0.0% 40.5 37.8 49.3
12/21/93 08/01/94 64.6 0.0% 100.0% 0.0%
12/17/93 07/01/94 71.7 0.0% 100.0% 0.0% 13.3 13.3 16.4
12/16/93 12/16/93 3.5 100.0% 0.0% 0.0%
12/13/93 01/31/94 325.5 100.0% 0.0% 0.0% 16.7 34.6 19.7
12/13/93 01/19/94 12.2 42.6% 41.0% 16.4%
12/08/93 06/30/94 122.8 0.0% 100.0% 0.0% 37.4 35.1 39.9
12/03/93 06/30/94 243.6 0.0% 100.0% 0.0% 37.1 53.2 44.3
12/03/93 12/03/93 29.0 100.0% 0.0% 0.0%
12/02/93 02/01/94 814.8 50.9% 0.0% 49.1% 23.3 25.0 20.8
12/02/93 04/19/94 350.8 50.9% 25.5% 23.6% (8.3) 13.8 22.2
</TABLE>
<PAGE> 30
ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 11
PREMIUMS AND FORM OF CONSIDERATION PAID (a)
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY
- --------- --------- ------------------------------- ------------------------------- -----------------------------------------
<S> <C> <C> <C> <C>
11/30/93 08/08/94 Motor Coach Industries Intl Consorcio G Grupo Dina SA Transportation Equipment
11/24/93 08/01/94 Mid Maine Savings Bk,Auburn,ME Peoples Heritage Finl Grp Inc Savings and Loans, Mutual Savings Banks
11/22/93 07/08/94 Lake Shore Bancorp Inc First Chicago Corp Commercial Banks, Bank Holding Companies
11/18/93 04/19/94 American Healthcare Management OrNda HealthCorp Health Services
11/18/93 06/27/94 Independence Bancorp,Perkasie CoreStates Financial Corp Commercial Banks, Bank Holding Companies
11/11/93 04/28/94 Prime Federal Bank FSB First Northern Savings Bank SA Savings and Loans, Mutual Savings Banks
11/05/93 06/27/94 Gateway Financial Corp Shawmut National Corp Savings and Loans, Mutual Savings Banks
11/03/93 05/31/94 Federal Savings Bank MidConn Bank Savings and Loans, Mutual Savings Banks
11/02/93 05/02/94 EdgeMark Financial Corp Old Kent Financial Corp Commercial Banks, Bank Holding Companies
10/28/93 02/28/94 Terminal Data Corp BancTec Inc Electronic and Electrical Equipment
10/27/93 07/01/94 Washington Bancorp Inc Hubco Inc Savings and Loans, Mutual Savings Banks
10/26/93 04/11/94 Central Holding Co Standard Federal Bank Savings and Loans, Mutual Savings Banks
10/26/93 06/03/94 Suburban Bancshares Inc 1st United Bancorp Commercial Banks, Bank Holding Companies
10/25/93 03/29/94 Community Financial Systems First Midwest Financial Inc Commercial Banks, Bank Holding Companies
10/25/93 03/31/94 Rational Verdix Corp Prepackaged Software
10/21/93 02/04/94 RehabClinics Inc NovaCare Inc Health Services
10/18/93 02/15/94 Artel Communications Corp Chipcom Corp Communications Equipment
10/18/93 03/02/94 Corporate Software Inc CS Acquisition Corp Wholesale Trade-Durable Goods
10/18/93 01/20/94 UniCare Financial Corp Wellpoint Health Networks Inc Insurance
10/14/93 05/03/94 Candlewood Bank & Trust Co New Milford Bank & Trust Co Commercial Banks, Bank Holdng Companies
10/14/93 03/25/94 ESB Bancorp Inc PennFirst Bancorp Inc Commercial Banks, Bank Holding Companies
10/12/93 04/29/94 LGF Bancorp First of America Bank Corp,MI Savings and Loans, Mutual Savings Banks
10/12/93 11/30/93 MECA Software Inc H&R Block Inc Prepackaged Software
10/07/93 06/10/94 Advanced Interventional Sys Spectranetics Corp Measuring, Medical, Photo Equipment;
Clocks
10/03/93 02/10/94 HCA-Hospital Corp of America Columbia Healthcare Corp Health Services
10/01/93 03/01/94 KeyCorp,Albany,New York(OLD) Society Corp Commercial Banks, Bank Holding Companies
09/29/93 03/25/94 Boulevard Bancorp Inc First Bank System Inc Commercial Banks, Bank Holding Companies
09/28/93 04/22/94 Home Federal Bancorp of MO Roosevelt Financial Group Savings and Loans, Mutual Savings Banks
09/27/93 11/17/93 Bytex Corp Network Systems Corp Communications Equipment
09/23/93 12/14/93 Preferred Health Care Ltd Value Health Inc Health Services
09/23/93 12/22/93 Telematics International Inc ECI Telecom Ltd Communications Equipment
09/21/93 05/27/94 BankWorcester,Worcester,MA Bank of Boston Corp Commercial Banks, Bank Holding Companies
09/20/93 05/31/94 Valley Bancorp,Appleton,WI Marshall & Ilsley Corp Commercial Banks, Bank Holding Companies
09/16/93 04/22/94 GWC Corp United Water Resources Inc Electric, Gas, and Water Distribution
09/13/93 03/25/94 Commercial Bancorp of Colorado KeyCorp,Albany,New York(OLD) Commercial Banks, Bank Holding Companies
09/13/93 11/04/93 Engraph Inc Sonoco Products Co Paper and Allied Products
09/13/93 06/23/94 Fortune Bancorp Inc AmSouth Bancorp,Birmingham,AL Savings and Loans, Mutual Savings Banks
09/13/93 04/27/94 Republic Pictures Corp Spelling Entertainment Inc Motion Picture Production and Distribution
09/13/93 10/11/93 Shared Financial Systems Inc Stratus Computer Inc Business Services
09/10/93 12/29/93 Geraghty & Miller Inc Heidemij Holding NV Business Services
09/09/93 10/13/93 A&W Brands Inc Cadbury Schweppes PLC Food and Kindred Products
09/09/93 03/17/94 Chattahoochee Bancorp Inc Bank South Corp,Atlanta,GA Commercial Banks, Bank Holding Companies
09/09/93 03/30/94 Pacific Western Bancshares,CA Comerica Inc,Detroit,Michigan Commercial Banks, Bank Holding Companies
09/09/93 07/07/94 Paramount Communications Viacom Inc(Natl Amusements) Motion Picture Production and Distribution
09/07/93 01/21/94 Baroid Corp Dresser Industries Inc Machinery
09/07/93 04/11/94 Hamptons Bancshares Inc Suffolk Bancorp Commercial Banks, Bank Holding Companies
09/07/93 11/10/93 Total Pharmaceutical Care Inc Abbey Healthcare Group, Inc Health Services
09/03/93 03/07/94 KSB Financial Independent Bank Corp, Rockland Commercial Banks, Bank Holding Companies
09/01/93 12/13/93 ChipSoft Inc Intuit Prepackaged Software
08/26/93 02/28/94 First Fidelity Bancorp Inc,WV WesBanco Inc Commercial Banks, Bank Holding Companies
08/26/93 05/27/94 Peoples Bancorp of Worcester Shawmut National Corp Commercial Banks, Bank Holding Companies
</TABLE>
<TABLE>
<CAPTION>
CONSIDERATION (%) PREMIUM (%)
DATE DATE TRANSACTION --------------------- ------------------------
ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS
- --------- --------- ----------- ------ ------ ----- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
11/30/93 08/08/94 334.6 0.0% 50.7% 49.3% 33.8 39.3 42.3
11/24/93 08/01/94 11.5 0.0% 100.0% 0.0% 21.5 23.7 33.6
11/22/93 07/08/94 307.3 0.0% 100.0% 0.0% 28.2 36.7 35.2
11/18/93 04/19/94 403.1 0.0% 59.3% 40.7% 31.3 39.2 45.0
11/18/93 06/27/94 463.0 0.0% 100.0% 0.0% 30.6 51.4 35.6
11/11/93 04/28/94 19.0 0.0% 100.0% 0.0% 2.4 2.4 2.4
11/05/93 06/27/94 152.0 0.0% 100.0% 0.0% 5.3 (5.7) 19.2
11/03/93 05/31/94 13.2 100.0% 0.0% 0.0% 14.8 14.8 24.0
11/02/93 05/02/94 62.0 0.0% 100.0% 0.0%
10/28/93 02/28/94 16.2 100.0% 0.0% 0.0% 22.7 28.6 28.6
10/27/93 07/01/94 40.0 49.0% 0.0% 51.0% 34.2 46.4 130.0
10/26/93 04/11/94 21.3 100.0% 0.0% 0.0% 175.0 266.7 238.5
10/26/93 06/03/94 6.7 0.0% 52.7% 47.3%
10/25/93 03/29/94 31.4 33.4% 0.0% 66.6%
10/25/93 03/31/94 56.0 0.0% 100.0% 0.0%
10/21/93 02/04/94 192.5 0.0% 100.0% 0.0% 8.6 10.0 10.0
10/18/93 02/15/94 39.0 0.0% 100.0% 0.0%
10/18/93 03/02/94 94.3 100.0% 0.0% 0.0% 33.3 36.4 34.8
10/18/93 01/20/94 145.9 100.0% 0.0% 0.0% 46.8 41.5 38.1
10/14/93 05/03/94 5.8 100.0% 0.0% 0.0% 101.6 101.6 112.2
10/14/93 03/25/94 24.3 100.0% 0.0% 0.0% 14.9 13.1 25.6
10/12/93 04/29/94 67.8 0.0% 100.0% 0.0% 27.9 30.1 42.9
10/12/93 11/30/93 30.8 100.0% 0.0% 0.0% 23.3 29.3 39.5
10/07/93 06/10/94 11.7 0.0% 99.7% 0.3% (45.9) (48.9) (54.0)
10/03/93 02/10/94 5,605.0 0.0% 100.0% 0.0% 39.6 46.9 54.0
10/01/93 03/01/94 3,923.9 0.0% 100.0% 0.0% 1.9 2.6 (0.4)
09/29/93 03/25/94 213.7 0.0% 100.0% 0.0% 22.8 25.6 49.4
09/28/93 04/22/94 67.0 24.9% 75.0% 0.1% 7.1 5.3 22.4
09/27/93 11/17/93 49.0 100.0% 0.0% 0.0% 70.0 55.4 51.1
09/23/93 12/14/93 386.7 0.0% 100.0% 0.0% 49.8 57.3 35.3
09/23/93 12/22/93 278.5 0.0% 100.0% 0.0% 25.7 21.0 37.6
09/21/93 05/27/94 226.9 100.0% 0.0% 0.0% 21.4 23.1 34.7
09/20/93 05/31/94 819.7 0.0% 100.0% 0.0% 10.7 19.0 (9.6)
09/16/93 04/22/94 193.8 4.6% 71.3% 24.1% 6.6 11.6 13.3
09/13/93 03/25/94 90.6 0.0% 100.0% 0.0% 30.3 29.6 26.0
09/13/93 11/04/93 296.0 100.0% 0.0% 0.0% 20.2 19.1 20.2
09/13/93 06/23/94 285.6 50.0% 50.0% 0.0% 27.0 21.4 31.2
09/13/93 04/27/94 93.6 100.0% 0.0% 0.0% 4.0 6.1
09/13/93 10/11/93 15.0 100.0% 0.0% 0.0%
09/10/93 12/29/93 69.8 0.0% 100.0% 0.0% (4.7) 1.1 17.0
09/09/93 10/13/93 334.0 100.0% 0.0% 0.0% 21.0 21.0 29.8
09/09/93 03/17/94 46.0 0.0% 100.0% 0.0% 27.8 24.3 31.4
09/09/93 03/30/94 133.0 0.0% 100.0% 0.0% 194.2 176.4 168.2
09/09/93 07/07/94 9,600.0 68.7% 20.4% 10.8% 94.5 86.9 99.1
09/07/93 01/21/94 842.2 0.0% 100.0% 0.0% 19.3 21.3 25.5
09/07/93 04/11/94 13.1 23.6% 76.4% 0.0% 58.5 58.5 98.1
09/07/93 11/10/93 185.6 82.6% 17.4% (0.0)% 73.6 67.3 87.8
09/03/93 03/07/94 1.0 0.0% 100.0% 0.0%
09/01/93 12/13/93 226.6 0.0% 100.0% 0.0% (5.5) (3.9) 41.2
08/26/93 02/28/94 75.4 0.0% 100.0% 0.0% 30.2 33.0 57.9
08/26/93 05/27/94 181.6 0.0% 100.0% 0.0% 66.7 70.7 79.2
</TABLE>
<PAGE> 31
ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 12
PREMIUMS AND FORM OF CONSIDERATION PAID (a)
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY
- --------- --------- ------------------------------- ------------------------------- -----------------------------------------
<S> <C> <C> <C> <C>
08/24/93 10/15/93 Revco Scientific Inc General Signal Corp Machinery
08/24/93 06/14/94 West Mass Bankshares Inc Vermont Financial Services Savings and Loans, Mutual Savings Banks
08/20/93 06/06/94 Mid-South Bancorp Inc Union Planters Corp Commercial Banks, Bank Holding Companies
08/20/93 09/03/93 Premier Resources Ltd Northern Reef Exploration Ltd Oil and Gas; Petroleum Refining
08/19/93 02/11/94 Celutel Inc Century Telephone Enterprises Telecommunications
08/19/93 11/30/93 Fisher-Price Inc Mattel Inc Miscellaneous Manufacturing
08/17/93 02/04/94 Spinnaker Software Corp WordStar International Inc Prepackaged Software
08/17/93 02/01/94 United Postal Bancorp Mercantile Bancorp,St Louis,MO Savings and Loans, Mutual Savings Banks
08/16/93 02/08/94 Dycam Inc Styles on Video(New Image Ind) Measuring, Medical, Photo Equipment;
Clocks
08/16/93 02/11/93 Princeton Diagnostic Labs EDITEK Inc Health Services
08/13/93 12/02/93 Amoskeag Co(Dumaines Trust) Fieldcrest Cannon Inc Transportation and Shipping (except air)
08/09/93 12/10/93 Family Health Systems Inc Physician Corp of America Health Services
08/09/93 03/18/94 San Diego Financial Corp First Interstate Bancorp,CA Commercial Banks, Bank Holding Companies
08/05/93 01/28/94 First Savings Bank FSB,SC Southern National,Lumberton,NC Savings and Loans, Mutual Savings Banks
08/05/93 01/28/94 Mountaineer Bankshares of WV One Valley Bancorp of WV Commercial Banks, Bank Holding Companies
08/05/93 01/28/94 New Line Cinema Corp Turner Broadcasting System Inc Motion Picture Production and Distribution
08/02/93 11/23/93 American Steel & Wire Corp Birmingham Steel Corp Metal and Metal Products
08/02/93 03/16/94 Constellation Bancorp CoreStates Financial Corp Commercial Banks, Bank Holding Companies
08/02/93 02/11/94 Greenery Rehabilitation Group Horizon Healthcare Corp Health Services
08/02/93 01/31/94 Greenwich Financial Corp First Fidelity Bancorporation Savings and Loans, Mutual Savings Banks
07/30/93 12/31/93 First AmFed Corp,Huntsville,AL Colonial BancGroup Inc Commercial Banks, Bank Holding Companies
07/29/93 07/29/93 Merken Corp Management Technologies Inc Prepackaged Software
07/28/93 11/18/93 Medco Containment Services Inc Merck & Co Wholesale Trade-Nondurable Goods
07/27/93 06/17/94 First Eastern Corp,PA PNC Bank Corp,Pittsburgh,PA Commercial Banks, Bank Holding Companies
07/27/93 01/17/94 First United Bank Group Inc Norwest Corp,Minneapolis,MN Commercial Banks, Bank Holding Companies
07/27/93 12/06/93 Heritage Bankcorp Inc Standard Federal Bank Commercial Banks, Bank Holding Companies
07/23/93 11/30/93 First Amarillo Bancorp Inc Boatmen's Bancshares Inc Commercial Banks, Bank Holding Companies
07/12/93 08/18/93 Voit Corp Usaha Tegas Sdn Bhd Miscellaneous Manufacturing
07/06/93 06/01/94 Cragin Financial Corp ABN-AMRO Holding NV Savings and Loans, Mutual Savings Banks
07/02/93 01/10/94 Elmwood Bancorp Inc Keystone Financial,Harrisburg Savings and Loans, Mutual Savings Banks
07/02/93 12/23/93 Tristate Bancorp,Cincinnati,OH Fifth Third Bancorp,Cincinnati Commercial Banks, Bank Holding Companies
06/30/93 02/10/94 FloridaBank A Federal Savings AmSouth Bancorp,Birmingham,AL Savings and Loans, Mutual Savings Banks
06/30/93 10/01/93 Quantum Chemical Corp Hanson PLC Chemicals and Allied Products
06/28/93 08/05/93 Damon Corp Corning Inc Health Services
06/25/93 04/20/94 Pennsylvania & Southern Gas Co NUI Corp Electric, Gas, and Water Distribution
06/23/93 09/08/93 Costar Corp Corning Inc Measuring, Medical, Photo Equipment;
Clocks
06/18/93 09/23/93 Pioneer Bancorp Inc First Citizens Bancshares Inc Savings and Loans, Mutual Savings Banks
06/17/93 11/10/93 Superior Teletec Inc Alpine Group Inc Metal and Metal Products
06/16/93 10/22/93 Price Co Costco Wholesale Corp Retail Trade-General Merchandise and
Apparel
06/14/93 08/31/93 Johnson Products Co Inc IVAX Corp Soaps, Cosmetics, and Personal-Care
Products
06/14/93 10/01/93 Vari-Care Inc Living Centers of America Inc Health Services
06/10/93 10/01/93 Affiliated Publications Inc New York Times Co Printing, Publishing, and Allied Services
06/10/93 09/01/93 Galen Health Care Inc Columbia Hospital Corp Health Services
06/07/93 12/29/93 First Bancorp Indiana Inc Huntington Bancshares,Columbus Savings and Loans, Mutual Savings Banks
06/02/93 02/04/94 Firestone Bank,Lisbon,Ohio Citizens Bancshares Inc Commercial Banks, Bank Holding Companies
06/02/93 04/05/94 International Holding Capital CB Bancshares Inc,Honolulu,HI Savings and Loans, Mutual Savings Banks
06/01/93 10/13/93 OCOM Corp International CableTel Inc Telecommunications
06/01/93 12/27/93 Railroadmen's Federal S&L Assn Huntington Bancshares,Columbus Savings and Loans, Mutual Savings Banks
05/25/93 11/15/93 AMAX Inc Cyprus Minerals Co Metal and Metal Products
05/25/93 12/10/93 Cal Rep Bancorp Inc First Interstate Bancorp,CA Commercial Banks, Bank Holding Companies
05/21/93 08/11/92 Discount Corp of New York Zions First Natl Bk, Salt Lake Investment & Commodity Firms, Dealers,
Exchang
</TABLE>
<TABLE>
<CAPTION>
CONSIDERATION (%) PREMIUM (%)
DATE DATE TRANSACTION --------------------- ------------------------
ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS
- --------- --------- ----------- ------ ------ ----- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/24/93 10/15/93 85.0 0.0% 100.0% 0.0%
08/24/93 06/14/94 24.1 0.0% 99.8% 0.2% 61.5 61.5 82.9
08/20/93 06/06/94 23.0 0.0% 100.0% 0.0%
08/20/93 09/03/93 3.8 92.1% 0.0% 7.9%
08/19/93 02/11/94 146.8 35.0% 36.6% 28.4%
08/19/93 11/30/93 1,145.4 0.0% 87.4% 12.6% 36.8 35.4 43.6
08/17/93 02/04/94 28.3 0.0% 82.4% 17.6% 21.6 21.6 21.6
08/17/93 02/01/94 180.0 0.0% 100.0% 0.0% 29.0 29.0 33.3
08/16/93 02/08/94 6.5 0.0% 99.8% 0.2%
08/16/93 02/11/93 4.1 0.0% 100.0% 0.0% 36.5 36.5 36.5
08/13/93 12/02/93 137.6 100.0% 0.0% 0.0% 31.1 39.1 46.8
08/09/93 12/10/93 44.0 100.0% 0.0% 0.0%
08/09/93 03/18/94 362.3 0.0% 100.0% 0.0%
08/05/93 01/28/94 179.1 0.0% 100.0% 0.0% 70.0 96.8 96.8
08/05/93 01/28/94 129.5 0.0% 100.0% 0.0% 25.7 27.5 27.5
08/05/93 01/28/94 486.6 0.0% 73.2% 26.8% 54.9 53.6 66.2
08/02/93 11/23/93 130.6 6.7% 35.0% 58.2% 36.4 44.7 44.7
08/02/93 03/16/94 291.2 0.0% 100.0% 0.0% 3.2 4.4 25.9
08/02/93 02/11/94 88.0 0.0% 37.9% 62.1% 70.9 62.4 70.9
08/02/93 01/31/94 43.4 100.0% 0.0% 0.0% 42.2 42.2 45.5
07/30/93 12/31/93 44.3 0.0% 99.9% 0.1% 9.0 6.9 3.7
07/29/93 07/29/93 0.4 0.0% 90.0% 10.0%
07/28/93 11/18/93 6,225.7 40.0% 60.0% 0.0% 31.1 36.2 21.9
07/27/93 06/17/94 336.0 100.0% 0.0% 0.0% 35.0 47.9 63.6
07/27/93 01/17/94 413.8 0.0% 100.0% 0.0% 20.0 20.0 27.7
07/27/93 12/06/93 110.7 100.0% 0.0% 0.0% 56.5 60.2 78.5
07/23/93 11/30/93 167.4 0.0% 100.0% 0.0% 38.0 32.8 47.7
07/12/93 08/18/93 13.9 100.0% 0.0% 0.0% 56.5 56.5 38.5
07/06/93 06/01/94 501.6 100.0% 0.0% 0.0% 51.2 55.9 79.9
07/02/93 01/10/94 34.1 0.0% 99.9% 0.1% 102.7 122.0 111.9
07/02/93 12/23/93 68.4 0.0% 100.0% 0.0% 29.1 29.1 37.5
06/30/93 02/10/94 27.3 0.0% 100.0% 0.0% 57.2 69.6 19.3
06/30/93 10/01/93 3,219.7 0.0% 22.4% 77.6% 60.0 55.3 39.1
06/28/93 08/05/93 565.3 66.9% 0.0% 33.1% 65.8 82.2 89.7
06/25/93 04/20/94 16.7 0.0% 100.0% 0.0%
06/23/93 09/08/93 167.4 0.0% 100.0% 0.0% 37.2 35.3 42.2
06/18/93 09/23/93 3.8 100.0% 0.0% 0.0% 45.3 45.3 58.5
06/17/93 11/10/93 57.8 29.4% 70.5% 0.1% 41.3 41.3 45.1
06/16/93 10/22/93 1,666.2 0.0% 100.0% 0.0% 12.3 23.8 21.7
06/14/93 08/31/93 62.9 0.0% 99.9% 0.1% 32.9 30.3 35.6
06/14/93 10/01/93 70.9 25.2% 35.3% 39.5% 39.1 33.3 18.5
06/10/93 10/01/93 1,092.5 0.0% 100.0% 0.0% 11.1 13.2 23.7
06/10/93 09/01/93 4,187.7 0.0% 76.1% 23.9% 42.6 42.6 43.9
06/07/93 12/29/93 48.6 38.5% 61.5% 0.0% 60.6 85.1 97.2
06/02/93 02/04/94 7.6 0.0% 99.7% 0.3%
06/02/93 04/05/94 50.9 45.0% 55.0% 0.0% 70.4 70.4 72.5
06/01/93 10/13/93 77.6 0.0% 100.0% 0.0% (2.1) 22.4
06/01/93 12/27/93 82.9 0.0% 100.0% 0.0% 44.0 50.5 57.7
05/25/93 11/15/93 2,657.0 0.0% 46.1% 53.9% (25.9) (22.2) (17.6)
05/25/93 12/10/93 68.0 0.0% 100.0% 0.0%
05/21/93 08/11/93 65.3 100.0% 0.0% 0.0% 28.0 23.1 16.4
</TABLE>
<PAGE> 32
ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 13
PREMIUMS AND FORM OF CONSIDERATION PAID (a)
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY
- --------- --------- ------------------------------- ------------------------------- -----------------------------------------
<S> <C> <C> <C> <C>
05/19/93 11/19/93 First Natl Finl,Albuquerque,NM First Security Corp,Utah Commercial Banks, Bank Holding Companies
05/18/93 12/31/93 Secor Bank FSB,Birmingham,AL First AL Bancshares,Birmingham Savings and Loans, Mutual Savings Banks
05/14/93 09/15/93 LDDS Communications Inc Resurgens Communications Group Telecommunications
05/13/93 09/20/93 Atek Metals Center Inc Rolled Alloys Inc Wholesale Trade-Durable Goods
05/13/93 08/31/93 HMO America Inc United HealthCare Corp Health Services
05/11/93 01/03/94 Wisconsin Southern Gas Co Wisconsin Energy Corp Electric, Gas, and Water Distribution
05/10/93 07/30/93 Lifetime Corp Olsten Corp Health Services
05/07/93 08/27/93 HDR Power Systems Inc Solidstate Controls Inc Electronic and Electrical Equipment
05/07/93 12/18/93 InterFirst Bankcorp Inc Standard Federal Bank Savings and Loans, Mutual Savings Banks
05/05/93 12/30/93 New South Bancorp First Tennessee National Corp Commercial Banks, Bank Holding Companies
05/04/93 01/21/94 United Federal Bancorp PNC Bank Corp,Pittsburgh,PA Savings and Loans, Mutual Savings Banks
04/29/93 06/02/93 Industrial Training Sys Corp Westcott Communications Inc Motion Picture Production and Distribution
04/29/93 02/01/94 Regency Bancshares Inc Southern National,Lumberton,NC Savings and Loans, Mutual Savings Banks
04/28/93 12/15/93 BMR Financial Group SouthTrust Corp Commercial Banks, Bank Holding Companies
04/23/93 12/09/93 Mid-State Fed S&L Assn,Ocala AmSouth Bancorp,Birmingham,AL Savings and Loans, Mutual Savings Banks
04/22/93 10/29/93 Ameriscribe Corp Pitney Bowes Inc Printing, Publishing, and Allied Services
04/20/93 07/01/93 Hall-Mark Electronics Corp Avnet Inc Wholesale Trade-Durable Goods
04/14/93 12/30/93 Peoples Westchester Savings Bk First Fidelity Bancorporation Savings and Loans, Mutual Savings Banks
04/13/93 10/14/93 Boston Five Bancorp Citizens Financial Group Inc Savings and Loans, Mutual Savings Banks
04/07/93 02/24/94 North American National Corp Liberty Corp Insurance
04/01/93 07/01/93 Systems Center Inc Sterling Software Inc Business Services
03/30/93 09/01/93 Commonwealth Bancshares Corp Meridian Bancorp Inc Commercial Banks, Bank Holding Companies
03/25/93 07/06/93 Trans Kentucky Bancorp Trans Financial Bancorp Inc Commercial Banks, Bank Holding Companies
03/19/93 10/18/93 First Fed Svgs Bank of NW FL Central Bancshares of South,AL Savings and Loans, Mutual Savings Banks
03/19/93 10/01/93 Royal Bank Group Inc Citizens Banking Corp,Flint,MI Commercial Banks, Bank Holding Companies
03/15/93 12/13/93 FirstSouth Bancorp Inc BT Financial Corp Savings and Loans, Mutual Savings Banks
03/12/93 11/10/93 Athlone Industries Inc Allegheny Ludlum Corp Metal and Metal Products
03/11/93 08/02/93 Malrite Communications Group Shamrock Broadcasting Inc Radio and Television Broadcasting Stations
03/10/93 08/06/93 Gynex Pharmaceuticals Inc Bio-Technology General Corp Drugs
03/08/93 07/30/93 Perception Technology Corp Brite Voice Systems Inc Computer and Office Equipment
03/04/93 05/26/93 Boston Digital Corp Charterhouse Group Intl Inc Machinery
03/02/93 03/01/93 Medical Innovations Inc Ballard Medical Products Health Services
03/01/93 06/25/93 Datatronix Financial Services FIserv Inc Business Services
02/23/93 08/11/93 Village Financial Services Ltd First Fidelity Bancorporation Savings and Loans, Mutual Savings Banks
02/22/93 08/04/93 International Broadcasting Century Park Pictures Corp Amusement and Recreation Services
02/19/93 08/06/93 Pioneer Fed BanCorp Inc First Hawaiian Inc Savings and Loans, Mutual Savings Banks
02/18/93 06/02/93 NERCO Inc Kennecott Corp(RTZ Corp PLC) Mining
02/16/93 06/30/93 Equus Investments Inc Equus II Inc Investment & Commodity Firms, Dealers,
Exchang
02/08/93 07/09/93 Goldtex Inc Tomen America Inc(Tomen Corp) Textile and Apparel Products
02/03/93 07/08/93 Jimbo's Jumbos Inc JJJ Acquisition Corp Agriculture, Forestry, and Fishing
02/02/93 08/02/93 Dahlberg Inc Bausch & Lomb Inc Measuring, Medical, Photo Equipment;
Clocks
02/02/93 06/30/93 Express Cash Intl Corp Cash America International Inc Miscellaneous Retail Trade
01/29/93 08/11/93 National Community Banks Inc The Bank of New York Co Inc Commercial Banks, Bank Holding Companies
01/18/93 03/31/93 Alden Press Co APC Holding Inc Printing, Publishing, and Allied Services
01/14/93 07/30/93 Dakota Bancorp Inc South Dakota Financial Bancorp Commercial Banks, Bank Holding Companies
01/05/93 11/18/93 Belding Heminway Co Inc Noel Group Inc Textile and Apparel Products
01/04/93 05/24/94 National Medical Waste Inc BioMedical Waste Systems Inc Sanitary Services
12/24/92 10/15/93 Autrol Corp Osmonics Inc Measuring, Medical, Photo Equipment;
Clocks
12/23/92 12/17/93 First Financial Associates BANC ONE Corp Commercial Banks, Bank Holding Companies
12/22/92 11/19/93 Gateway Fed Corp,OH PNC Bank Corp,Pittsburgh,PA Savings and Loans, Mutual Savings Banks
12/21/92 05/14/93 CFS Financial Corp Crestar Financial Corp Savings and Loans, Mutual Savings Banks
</TABLE>
<TABLE>
<CAPTION>
CONSIDERATION (%) PREMIUM (%)
DATE DATE TRANSACTION --------------------- ------------------------
ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS
- --------- --------- ----------- ------ ------ ----- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/19/93 11/19/93 201.1 0.0% 100.0% 0.0%
05/18/93 12/31/93 102.5 0.0% 100.0% 0.0% 52.7 61.0 77.1
05/14/93 09/15/93 1,961.3 0.0% 100.0% 0.0% 1.8 (0.2) (4.4)
05/13/93 09/20/93 18.8 100.0% 0.0% 0.0% 56.9 56.9 50.3
05/13/93 08/31/93 372.2 0.0% 100.0% 0.0% 33.9 32.1 88.7
05/11/93 01/03/94 45.1 0.0% 99.9% 0.1% 13.7 19.8 13.7
05/10/93 07/30/93 607.0 0.0% 51.6% 48.4% 85.5 92.4 119.8
05/07/93 08/27/93 6.5 100.0% 0.0% 0.0% 62.5 52.9 44.4
05/07/93 12/18/93 32.5 100.0% 0.0% 0.0% 14.1 9.7 5.6
05/05/93 12/30/93 6.3 0.0% 100.0% 0.0%
05/04/93 01/21/94 154.7 100.0% 0.0% 0.0% 46.1 72.2 53.8
04/29/93 06/02/93 3.2 100.0% 0.0% 0.0%
04/29/93 02/01/94 47.4 0.0% 100.0% 0.0% 65.8 52.0 52.0
04/28/93 12/15/93 16.0 100.0% 0.0% 0.0% 26.0 26.0 57.5
04/23/93 12/09/93 91.8 29.8% 70.2% 0.0% 36.2 42.9 55.7
04/22/93 10/29/93 87.2 0.0% 100.0% 0.0% 45.5 47.4 27.7
04/20/93 07/01/93 488.9 41.8% 28.9% 29.3% 36.7 47.1 36.7
04/14/93 12/30/93 225.3 53.5% 46.5% 0.0% 79.2 81.2 88.3
04/13/93 10/14/93 92.5 100.0% 0.0% 0.0% 38.7 44.4 48.6
04/07/93 02/24/94 52.6 100.0% 0.0% 0.0% 31.1 40.5 37.2
04/01/93 07/01/93 169.7 0.0% 100.0% 0.0% 36.1 39.8 36.1
03/30/93 09/01/93 358.5 0.0% 100.0% 0.0% 39.4 37.3 37.3
03/25/93 07/06/93 18.5 100.0% 0.0% 0.0%
03/19/93 10/18/93 14.4 100.0% 0.0% 0.0%
03/19/93 10/01/93 22.5 15.1% 84.9% 0.0%
03/15/93 12/13/93 16.0 42.5% 57.8% (0.3%)
03/12/93 11/10/93 105.6 0.0% 100.0% 0.0% 22.8 22.8 16.7
03/11/93 08/02/93 310.0 0.0% 100.0% 0.0%
03/10/93 08/06/93 58.8 0.0% 100.0% 0.0% 30.1 27.3 27.3
03/08/93 07/30/93 15.9 0.0% 100.0% 0.0% 72.7 90.0 91.0
03/04/93 05/26/93 10.4 100.0% 0.0% 0.0% 66.2 66.2 36.0
03/02/93 03/01/93 12.5 100.0% 0.0% 0.0% 6.9 12.9 6.9
03/01/93 06/25/93 11.9 0.0% 99.7% 0.3%
02/23/93 08/11/93 66.0 60.0% 40.0% 0.0% 66.8 77.2 58.6
02/22/93 08/04/93 10.0 100.0% 0.0% 0.0%
02/19/93 08/06/93 87.4 100.0% 0.0% 0.0% 37.4 33.3 33.3
02/18/93 06/02/93 1,161.9 40.4% 0.0% 59.6% (10.3) 1.1 (4.0)
02/16/93 06/30/93 10.6 0.0% 100.0% 0.0% (11.1) (14.9) (20.0)
02/08/93 07/09/93 15.7 100.0% 0.0% 0.0% 42.1 42.1 42.1
02/03/93 07/08/93 45.1 100.0% 0.0% 0.0% 42.2 45.9 63.1
02/02/93 08/02/93 139.0 100.0% 0.0% 0.0% 44.8 42.4 37.7
02/02/93 06/30/93 12.8 49.2% 0.0% 50.8% 31.4 26.9 93.7
01/29/93 08/11/93 591.6 0.0% 100.0% 0.0%
01/18/93 03/31/93 151.0 73.5% 0.0% 26.5% 13.2 20.0 15.4
01/14/93 07/30/93 20.4 100.0% 0.0% 0.0% 37.6 27.6 27.6
01/05/93 11/18/93 59.0 100.0% 0.0% 0.0% 5.2 8.5 8.5
01/04/93 05/24/94 5.8 0.0% 100.0% 0.0% (64.0) (64.0) (64.0)
12/24/92 10/15/93 44.4 0.0% 100.0% 0.0% (7.1) (0.8) 17.0
12/23/92 12/17/93 76.1 0.0% 100.0% 0.0%
12/22/92 11/19/93 59.8 100.0% 0.0% 0.0% 111.0 94.3 112.9
12/21/92 05/14/93 60.6 10.7% 89.3% 0.0% 267.9 259.6 478.0
</TABLE>
<PAGE> 33
ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 14
PREMIUMS AND FORM OF CONSIDERATION PAID (a)
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY
- --------- --------- ------------------------------- ------------------------------- -----------------------------------------
<S> <C> <C> <C> <C>
12/18/92 05/04/93 Mass Microsystems Inc Ramtek Corp Computer and Office Equipment
12/18/92 04/16/93 Van Dorn Co Crown Cork & Seal Co Metal and Metal Products
12/15/92 06/03/93 Immunex Corp American Cyanamid Co Drugs
12/10/92 03/05/93 Clinical Homecare Ltd Curaflex Health Services Inc Wholesale Trade-Durable Goods
12/04/92 03/26/93 Colonial Cos Inc UNUM Corp Insurance
12/02/92 03/19/93 Heekin Can Inc Ball Corp Metal and Metal Products
12/01/92 02/25/93 Inforum Inc MEDSTAT Systems Inc Business Services
11/30/92 10/06/93 Centennial Savings Bank FSB Aspen Bancshares Inc Savings and Loans, Mutual Savings Banks
11/25/92 06/01/93 Ben Franklin National Bank West One Bancorp Commercial Banks, Bank Holding Companies
11/25/92 03/03/93 Geodyne Resources Inc Samson Investments Co Oil and Gas; Petroleum Refining
11/24/92 08/26/93 Decom Systems Inc CCI Coded Communications Inc Communications Equipment
11/23/92 04/06/93 Central Freight Lines Inc Roadway Services Inc Transportation and Shipping (except air)
11/20/92 07/05/94 Arcata Corp Quebecor Printing Inc Printing, Publishing, and Allied Services
11/20/92 03/31/93 Northern Indiana Fuel & Light NIPSCO Industries Inc Electric, Gas, and Water Distribution
11/20/92 08/10/93 Preston Corp Yellow Freight System Inc Transportation and Shipping (except air)
11/17/92 12/31/92 Arkla Exploration Co Seagull Energy Corp Oil and Gas; Petroleum Refining
11/17/92 03/24/93 EquiVest Inc Medical Resource Cos of Amer Investment & Commodity Firms, Dealers,
Exchang
11/17/92 08/31/93 Franklin First Financial Corp ONBANCorp Inc Savings and Loans, Mutual Savings Banks
11/17/92 04/21/93 Republic Capital Group Inc TCF Financial Corp Savings and Loans, Mutual Savings Banks
11/16/92 06/11/93 Western Financial Corp Metropolitan Financial Corp Savings and Loans, Mutual Savings Banks
11/12/92 06/28/93 CB&T Financial,Fairmont,WV Huntington Bancshares,Columbus Commercial Banks, Bank Holding Companies
11/10/92 07/14/93 Naylor Industries Inc Insituform Technologies Inc Construction Firms
11/09/92 06/18/93 Peoples Bancorp Inc Valley National Bancorp Commercial Banks, Bank Holding Companies
10/27/92 08/24/93 Home Theater Products Inc H&S Treat & Release Inc Electronic and Electrical Equipment
10/23/92 03/15/93 Flagler Bank Corp SunTrust Banks Inc,Atlanta,GA Commercial Banks, Bank Holding Companies
10/22/92 06/30/93 Home Fed Svgs Bk,Fort Collins KeyCorp,Albany,New York(OLD) Savings and Loans, Mutual Savings Banks
10/20/92 03/12/93 First Fed Svgs Bk,Salt Lake,UT Washington Federal Savings Savings and Loans, Mutual Savings Banks
10/16/92 03/05/93 CF&I Steel Corp Oregon Steel Mills Inc Metal and Metal Products
10/16/92 11/10/93 Mark Correctional Systems Inc Showcase Cosmetics Inc Metal and Metal Products
10/06/92 02/18/93 Applied Biosystems Inc Perkin-Elmer Corp Measuring, Medical, Photo Equipment;
Clocks
10/02/92 10/26/93 Peoples Holding Co Inc Central Bancshares of South,AL Commercial Banks, Bank Holding Companies
10/01/92 01/31/93 First United Bancorp Inc,AL SunTrust Banks Inc,Atlanta,GA Commercial Banks, Bank Holding Companies
09/30/92 02/15/93 Chuska Resources Corp Harken Energy Corp Oil and Gas; Petroleum Refining
09/28/92 03/10/93 Waste Processor Industries Inc American Ecology Corp Sanitary Services
09/24/92 04/01/93 Montclair Bancorp Inc Collective Bancorp Commercial Banks, Bank Holdng Companies
09/23/92 03/08/93 Unibancorp Inc,Chicago,IL GAB Bancorp Commercial Banks, Bank Holding Companies
09/21/92 03/01/93 Dominion Bankshares,Roanoke,VA First Union Corp,Charlotte,NC Commercial Banks. Bank Holding Companies
09/17/92 10/30/92 CONSTAR International Inc Crown Cork & Seal Co Rubber and Miscellaneous Plastic Products
09/17/92 12/23/92 Trans-National Leasing Inc Associates Corp of N America Repair Services
09/09/92 07/13/93 Multibank Financial Corp Bank of Boston Corp Commercial Banks, Bank Holding Companies
09/04/92 12/24/92 Autodie Corp Progressive Tool & Industry Co Machinery
09/02/92 04/01/93 DCB Corp Old Natl Bancorp,Evansville,IN Commercial Banks, Bank Holding Companies
08/31/92 07/09/93 Society for Savings Bancorp Bank of Boston Corp Savings and Loans, Mutual Savings Banks
08/31/92 12/30/92 Sun Electric Corp Snap-On Tools Corp Measuring, Medical, Photo Equipment;
Clocks
09/20/92 02/10/93 Lincoln Financial CorpIN Norwest Corp,Minneapolis,MN Commercial Banks, Bank Holding Companies
09/20/92 03/01/93 Pioneer Savings Washington Mutual Svgs,Seattle Savings and Loans, Mutual Savings Banks
08/17/92 12/11/92 American Biodyne Inc Medco Containment Services Inc Health Services
08/13/92 12/31/92 Fourth National Corp Fourth Financial Corp Commercial Banks, Bank Holding Companies
08/12/92 05/12/92 Bennett Petroleum Corp Abraxas Petroleum Corp Oil and Gas; Petroleum Refining
09/10/92 09/17/92 American CDI Inc PolyMedica Industries Inc Drugs
07/31/92 11/20/92 Hipotronics Inc Hubbell Inc Electronic and Electrical Equipment
</TABLE>
<TABLE>
<CAPTION>
CONSIDERATION (%) PREMIUM (%)
DATE DATE TRANSACTION --------------------- ------------------------
ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS
- --------- --------- ----------- ------ ------ ----- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/18/92 05/04/93 4.2 0.0% 99.0% 1.0% 12.8 7.2 (6.8)
12/18/92 04/16/93 176.5 20.3% 79.7% 0.0% 95.3 95.3 100.0
12/15/92 06/03/93 736.3 43.5% 56.5% 0.0% 7.8 8.7 (3.5)
12/10/92 03/05/93 25.7 0.0% 100.0% 0.0% 61.3 29.0 7.5
12/04/92 03/26/93 576.7 0.0% 100.0% 0.0% 32.3 37.1 41.0
12/02/92 03/19/93 88.3 0.0% 100.0% 0.0% 2.9 3.3 35.0
12/01/92 02/25/93 103.4 0.0% 100.0% 0.0% 16.2 19.7 25.3
11/30/92 10/06/93 17.4 100.0% 0.0% 0.0%
11/25/92 06/01/93 5.1 0.0% 100.0% 0.0%
11/25/92 03/03/93 20.3 9.9% 0.0% 90.1% 39.4 50.2 62.7
11/24/92 08/26/93 1.5 0.0% 98.3% 1.7%
11/23/92 04/06/93 101.6 100.0% 0.0% 0.0%
11/20/92 07/05/94 192.0 100.0% 0.0% 0.0%
11/20/92 03/31/93 29.5 0.0% 100.0% 0.0%
11/20/92 08/10/93 108.8 21.9% 0.0% 78.1% (37.7) (40.0) (23.3)
11/17/92 12/31/92 397.0 100.0% 0.0% 0.0%
11/17/92 03/24/93 7.4 0.0% 100.0% 0.0% 60.0 50.0 65.5
11/17/92 08/31/93 173.7 0.0% 100.0% 0.0% 65.0 72.2 88.6
11/17/92 04/21/93 68.8 0.0% 100.0% 0.0% 67.2 61.8 69.0
11/16/92 06/11/93 21.5 23.7% 76.3% 0.0% 53.8 66.7 122.2
11/12/92 06/28/93 131.2 0.0% 100.0% 0.0% 27.5 30.8 32.5
11/10/92 07/14/93 23.0 100.0% 0.0% 0.0% 11.4 32.9 47.1
11/09/92 06/18/93 10.7 0.0% 100.0% 0.0%
10/27/92 08/24/93 9.7 0.0% 99.7% 0.3%
10/23/92 03/15/93 50.3 0.0% 100.0% 0.0% 66.3 64.6 71.7
10/22/92 06/30/93 19.6 0.0% 100.0% 0.0% 61.8 63.7 69.5
10/20/92 03/12/93 35.7 100.0% 0.0% 0.0% 15.3 9.7 11.5
10/16/92 03/05/93 109.3 5.7% 15.6% 78.7%
10/16/92 11/10/93 12.6 0.0% 99.6% 0.4%
10/06/92 02/18/93 295.8 0.0% 100.0% 0.0% 20.1 39.4 38.4
10/02/92 10/26/93 5.0 100.0% 0.0% 0.0%
10/01/92 01/31/93 48.4 0.0% 100.0% 0.0%
09/30/92 02/15/93 27.6 0.0% 99.9% 0.1%
09/28/92 03/10/93 6.4 45.0% 55.0% 0.0% 20.0 (14.3)
09/24/92 04/01/93 61.7 100.0% 0.0% 0.0% 24.1 24.1 27.4
09/23/92 03/08/93 10.6 0.0% 99.8% 0.2%
09/21/92 03/01/93 934.3 0.0% 96.9% 3.1% 34.6 67.9 76.3
09/17/92 10/30/92 528.9 100.0% 0.0% 0.0% 33.3 39.0 46.9
09/17/92 12/23/92 6.1 100.0% 0.0% 0.0% 183.3 183.3 183.3
09/09/92 07/13/93 203.7 0.0% 100.0% 0.0% 35.9 44.8 38.0
09/04/92 12/24/92 33.9 100.0% 0.0% 0.0%
09/02/92 04/01/93 57.0 0.0% 100.0% 0.0%
08/31/92 07/09/93 205.4 0.0% 100.0% 0.0%
08/31/92 12/30/92 110.7 100.0% 0.0% 0.0% 13.9 23.3 40.6
09/20/92 02/10/93 163.9 0.0% 100.0% 0.0% (16.7) (8.2) 31.7
09/20/92 03/01/93 170.0 0.0% 100.0% 0.0% 10.7 9.6 14.3
08/17/92 12/11/92 120.2 0.0% 100.0% 0.0% 38.1 37.1 49.8
08/13/92 12/31/92 43.1 0.0% 99.9% 0.1%
08/12/92 05/12/92 2.0 44.6% 55.4% 0.0%
09/10/92 09/17/92 2.6 0.0% 99.6% 0.4%
07/31/92 11/20/92 39.9 100.0% 0.0% 0.0% 20.1 17.7 15.4
</TABLE>
<PAGE> 34
ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 15
PREMIUMS AND FORM OF CONSIDERATION PAID (a)
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY
- --------- --------- ------------------------------- ------------------------------- -----------------------------------------
<S> <C> <C> <C> <C>
07/30/92 07/30/92 Atlantic Mortgage & Investment Pitney Bowes Credit Corp Real Estate; Mortgage Bankers and Brokers
07/30/92 01/15/93 Equimark Corp,Pittsburgh,PA Integra Financial Corp Commercial Banks, Bank Holding Companies
07/30/92 02/17/93 Prime Bancshares Inc SouthTrust Corp Commercial Banks, Bank Holding Companies
07/27/92 10/23/92 Horizon Industries Inc Mohawk Industries Inc Textile and Apparel Products
07/24/92 10/19/92 Fleer Corp Marvel Entertaintment Group Inc Food and Kindred Products
07/22/92 05/03/93 First Community Bancorp Inc BANC ONE Corp Commercial Banks, Bank Holding Companies
07/20/92 01/22/93 First Fed S&L Assn,Ft Myers,FL Society Corp Savings and Loans, Mutual Savings Banks
07/20/92 10/29/92 Vivigen Inc Genzyme Corp Health Services
07/16/92 07/16/92 Sterling Optical Corp Sterling Vision Inc Wholesale Trade-Durable Goods
07/15/92 07/15/92 Basic American Medical Inc Columbia Hospital Corp Health Services
07/14/92 10/26/92 ANADAC Idenfix Inc Business Services
07/13/92 03/19/93 Apollo Savings and Loan Co Mid Am Inc Savings and Loans, Mutual Savings Banks
07/13/92 10/15/92 Century MediCorp Inc Foundation Health Corp Health Services
07/10/92 07/10/92 Quantum Learning Systems Inc CCR Inc-Education Division Prepackaged Software
07/09/92 04/16/93 Cherry Hill National Bank,NJ Meridian Bancorp Inc Commercial Banks, Bank Holding Companies
07/08/92 05/20/93 Tago Inc BioSource Industries Inc Drugs
07/05/92 01/29/93 FedFirst Bancshares Inc Southern National,Lumberton,NC Commercial Banks, Bank Holding Companies
07/01/92 11/25/92 Micron Products Inc Arrhythmia Research Technology Measuring, Medical, Photo Equipment;
Clocks
07/01/92 01/04/93 MidAmerican Corp Mercantile Bancorp,St Louis,MO Commercial Banks, Bank Holding Companies
07/01/92 02/26/93 National Savings Bank,Albany KeyCorp,Albany,New York(OLD) Savings and Loans, Mutual Savings Banks
06/29/92 01/15/93 DFSoutheastern Inc First Union Corp,Charlotte,NC Savings and Loans, Mutual Savings Banks
06/29/92 02/01/93 First Chattanooga Financial AmSouth Bancorp,Birmingham,AL Savings and Loans, Mutual Savings Banks
06/29/92 07/02/92 General Sciences Corp Science Applications Intl Corp Prepackaged Software
06/22/92 08/31/92 TMBR/Sharp Drilling Inc State Farm Mutual Auto Ins Co Oil and Gas; Petroleum Refining
06/18/92 12/11/92 CK Federal Savings,Concord,NC SouthTrust Corp Savings and Loans, Mutual Savings Banks
06/17/92 09/09/92 Critical Care America Inc Medical Care International Inc Health Services
06/17/92 12/02/92 Tyler Cabot Mortgage Sec Fund Capstead Mortgage Corp Investment & Commodity Firms, Dealers,
Exchang
06/16/92 10/05/92 Arctic Alaska Fisheries Corp Tyson Foods Inc Agriculture, Forestry, and Fishing
06/12/92 01/15/93 Harmonia Bancorp Sovereign Bancorp Savings and Loans, Mutual Savings Banks
06/11/92 01/15/93 South Carolina Federal Corp First Union Corp,Charlotte,NC Savings and Loans, Mutual Savings Banks
06/09/92 10/29/92 Wetterau Inc Super Valu Stores Inc Wholesale Trade-Nondurable Goods
06/08/92 12/31/93 Gulf States Utilities Co Entergy Corp Electric, Gas, and Water Distribution
06/05/92 05/03/93 Key Centurion Bancshares,WV BANC ONE Corp Commercial Banks, Bank Holding Companies
06/03/92 12/04/92 Advanced Telecommunications LDDS Communications Inc Telecommunications
05/27/92 03/09/93 Centel Corp Sprint Corp Telecommunications
05/18/92 12/07/92 First Florida Banks Inc Barnett Banks,Jacksonville,FL Commercial Banks, Bank Holding Companies
05/15/92 12/11/92 Patlex Corp AutoFinance Group Inc Investment & Commodity Firms, Dealers,
Exchang
05/13/92 09/04/92 Nova Phamaceutical Corp Scios Inc Business Services
05/13/92 06/01/92 Syntrex Inc Phoenix Technologies Inc Computer and Office Equipment
05/04/92 09/30/92 Wiland Services Inc Neodata Corp(Hicks Muse & Co) Business Services
04/30/92 03/30/93 Home Federal Svgs Bank of AL Colonial BancGroup Inc Savings and Loans, Mutual Savings Banks
04/21/92 02/26/93 First Fincorp Inc BB&T Financial Corp Savings and Loans, Mutual Savings Banks
04/14/92 03/31/93 Valley National Corp,Phoenix BANC ONE Corp Commercial Banks, Bank Holding Companies
04/07/92 12/31/92 First Com'l Bancshares Inc,AL Synovus Financial Corp Commercial Banks, Bank Holding Companies
04/06/92 08/24/92 Wicat Systems Inc Jostens Inc Computer and Office Equipment
04/03/92 12/30/92 Thermascan Inc Virology Testing Sciences Drugs
04/02/92 09/01/92 Volunteer Bancshares Inc Bancorp of Mississippi,Tupelo Commercial Banks, Bank Holding Companies
03/31/92 06/30/93 Horizon Financial Services Inc Republic Bancorp Inc Savings and Loans, Mutual Savings Banks
03/25/92 06/30/92 OW Office Warehouse Officemax. Inc Wholesale Trade-Durable Goods
03/18/92 10/15/92 INB Financial Corp NBD Bancorp,Detroit,Michigan Commercial Banks, Bank Holding Companies
03/13/92 07/27/93 The Circle K Corp CK Acquisitions Corp Retail Trade-Food Stores
</TABLE>
<TABLE>
<CAPTION>
CONSIDERATION (%) PREMIUM (%)
DATE DATE TRANSACTION --------------------- ------------------------
ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS
- --------- --------- ----------- ------ ------ ----- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
07/30/92 07/30/92 38.6 40.4% 0.0% 59.6%
07/30/92 01/15/93 287.9 0.0% 100.0% 0.0% 40.0 36.9 31.1
07/30/92 02/17/93 38.7 2.1% 97.8% 0.2% 55.0 53.8 71.9
07/27/92 10/23/92 86.5 74.0% 26.0% 0.0% 69.0 64.4 81.8
07/24/92 10/19/92 264.2 100.0% 0.0% 0.0% 9.8 20.4 21.7
07/22/92 05/03/93 137.9 0.0% 100.0% 0.0% 86.9 81.8 84.3
07/20/92 01/22/93 141.3 100.0% 0.0% 0.0% 32.4 26.8 36.4
07/20/92 10/29/92 39.3 0.0% 100.0% 0.0% 15.0 35.5 19.5
07/16/92 07/16/92 6.0 100.0% 0.0% 0.0%
07/15/92 07/15/92 150.4 33.0% 67.0% 0.0% 1.6 2.3 (0.5)
07/14/92 10/26/92 6.3 0.0% 99.4% 0.6%
07/13/92 03/19/93 12.7 0.0% 99.9% 0.1% 95.6 95.6 100.4
07/13/92 10/15/92 164.1 0.0% 100.0% 0.0% 66.3 94.1 127.8
07/10/92 07/10/92 8.4 0.0% 100.0% 0.0%
07/09/92 04/16/93 18.7 0.0% 100.0% 0.0%
07/08/92 05/20/93 1.0 0.0% 98.0% 2.0% (76.0) (74.2) (66.4)
07/05/92 01/29/93 89.1 0.0% 84.8% 15.2% 55.9 70.8 84.4
07/01/92 11/25/92 5.4 40.7% 59.1% 0.2%
07/01/92 01/04/93 110.9 0.0% 100.0% 0.0%
07/01/92 02/26/93 64.6 0.0% 100.0% 0.0% 29.4 29.4 34.7
06/29/92 01/15/93 145.7 0.0% 100.0% 0.0% 71.8 74.1 89.7
06/29/92 02/01/93 109.7 2.6% 97.4% 0.0% 67.2 57.2 67.2
06/29/92 07/02/92 10.1 100.0% 0.0% 0.0% (7.0) (10.8)
06/22/92 08/31/92 11.4 0.0% 0.0% 100.0%
06/18/92 12/11/92 32.7 0.0% 100.0% 0.0% 38.4 25.8 38.4
06/17/92 09/09/92 846.3 0.0% 100.0% 0.0% 0.9 6.3 (5.4)
06/17/92 12/02/92 259.4 0.0% 0.0% 100.0%
06/16/92 10/05/92 412.3 9.0% 42.5% 48.5% 85.5 104.0 100.0
06/12/92 01/15/93 92.2 11.6% 88.4% 0.0% 44.9 55.4 81.6
06/11/92 01/15/93 78.2 0.0% 100.0% 0.0% 66.7 70.6 80.2
06/09/92 10/29/92 1,084.3 59.4% 0.0% 40.6% 26.0 33.0 27.4
06/08/92 12/31/93 2,281.0 11.0% 89.0% 0.0% 64.9 64.9 63.3
06/05/92 05/03/93 583.9 0.0% 100.0% 0.0% 28.0 26.3 29.7
06/03/92 12/04/92 598.6 0.0% 100.0% 0.0% 34.6 43.8 75.0
05/27/92 03/09/93 3,967.0 0.0% 72.3% 27.7% (9.3) (6.1) 4.9
05/18/92 12/07/92 882.6 0.0% 100.0% 0.0% 77.0 75.6 72.2
05/15/92 12/11/92 45.0 0.0% 100.0% 0.0% 26.7 15.7 40.0
05/13/92 09/04/92 166.4 0.0% 100.0% 0.0% 0.9 (6.0) (13.8)
05/13/92 06/01/92 13.6 23.5% 0.0% 76.5%
05/04/92 09/30/92 25.0 100.0% 0.0% 0.0% (10.5) (12.0) 20.0
04/30/92 03/30/93 7.9 0.0% 100.0% 0.0% 42.5
04/21/92 02/26/93 18.5 0.0% 100.0% 0.0% 26.5 38.0 38.0
04/14/92 03/31/93 1,186.0 0.0% 100.0% 0.0% 48.8 66.9 68.8
04/07/92 12/31/92 118.7 0.0% 100.0% 0.0% 36.2 41.1 41.1
04/06/92 08/24/92 97.3 0.0% 100.0% 0.0% 45.9 65.3 51.8
04/03/92 12/30/92 7.3 0.0% 38.4% 61.6%
04/02/92 09/01/92 56.2 0.0% 100.0% 0.0%
03/31/92 06/30/93 28.7 0.0% 99.9% 0.1% 47.9 61.4 69.0
03/25/92 06/30/92 74.8 100.0% 0.0% 0.0% 22.2 51.7 57.1
03/18/92 10/15/92 883.3 0.0% 100.0% 0.0% 32.2 30.4 31.3
03/13/92 07/27/93 399.5 100.0% 0.0% 0.0%
</TABLE>
<PAGE> 35
ANALYSIS OF FRIENDLY ACQUISITIONS OF U.S. PUBLIC COMPANIES Page 16
PREMIUMS AND FORM OF CONSIDERATION PAID (a)
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET NAME ACQUIROR NAME TARGET INDUSTRY
- --------- --------- ------------------------------- ------------------------------- -----------------------------------------
<S> <C> <C> <C> <C>
03/12/92 06/29/92 MIPS Computer Systems Inc Silicon Graphics Inc Electronic and Electrical Equipment
03/09/92 08/19/92 First American BanCorp,Ohio Charter One Financial Inc Commercial Banks, Bank Holding Companies
03/05/92 10/01/92 Sunwest Finl Svcs,Albuquerque Boatmen's Bancshares Inc Commercial Banks, Bank Holding Companies
03/04/92 01/15/93 Puget Sound Bancorp,Tacoma,WA KeyCorp, Albany, New York(OLD) Conunercial Banks, Bank Holding Companies
03/04/92 07/08/92 Stuart Hall Co Inc Newell Co Paper and Allied Products
03/04/92 08/04/92 Worldwide Computer Svcs Inc Computer Horizons Corp Business Services
03/02/92 03/26/92 Unity Healthcare Holding Co Star Multi Care Services Inc Business Services
02/27/92 09/30/92 First Savings Bancorp,Ohio Tristate Bancorp, Cincinnati, OH Savings and Loans, Mutual Savings Banks
02/21/92 08/03/92 First Centennial Corp Citizens Inc Insurance
02/21/92 02/26/92 Sterling Optical Corp Cohen Fashion Optical Inc Wholesale Trade-Durable Goods
02/20/92 10/13/92 Preferred Homecare of America Home Intensive Care Inc Health Services
02/18/92 08/27/92 Niagara Exchange Corp Selective Insurance Group Inc Insurance
02/17/92 09/30/92 Security Financial Group Inc Metropolitan Financial Corp Commercial Banks, Bank Holding Companies
02/14/92 09/03/92 First Peoples Financial Corp CoreStates Financial Corp Commercial Banks, Bank Holding Companies
02/12/92 06/19/92 Commtron Corp Ingram Entertainment Wholesale Trade-Durable Goods
02/11/92 08/07/92 First Federal S & L,Lenawee Standard Federal Bank Savings and Loans, Mutual Savings Banks
02/10/92 05/29/92 Salem Carpet Mills Inc Shaw Industries Inc Textile and Apparel Products
01/30/92 03/31/92 Flight Dynamics Inc Hughes Flight Dynamics Inc Measuring, Medical, Photo Equipment;
Clocks
01/27/92 07/01/92 FB & T Corp Dauphin Deposit Corp Commercial Banks, Bank Holding Companies
01/22/92 01/22/92 Academy Computing Corp Investor Business Services
01/17/92 11/20/92 Flagship Financial Corp PNC Financial,Pittsburgh,PA Commercial Banks, Bank Holding Companies
01/13/92 10/05/92 Quantronix Corp Excel Technology Inc Electronic and Electrical Equipment
</TABLE>
<TABLE>
<CAPTION>
CONSIDERATION (%) PREMIUM (%)
DATE DATE TRANSACTION --------------------- ------------------------
ANNOUNCED EFFECTIVE VALUE CASH COMMON OTHER 1 DAY 1 WEEK 4 WEEKS
- --------- --------- ----------- ------ ------ ----- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/12/92 06/29/92 217.7 0.0% 100.0% 0.0% (22.6) (25.1) (23.5)
03/09/92 08/19/92 41.9 0.0% 100.0% 0.0% 69.4 77.3 81.5
03/05/92 10/01/92 327.9 0.0% 100.0% 0.0% 32.5 35.8 37.8
03/04/92 01/15/93 889.8 0.0% 100.0% 0.0% 49.3 54.4 64.1
03/04/92 07/08/92 62.6 0.0% 100.0% 0.0% 51.4 72.3 47.4
03/04/92 08/04/92 3.6 0.0% 100.0% 0.0% (9.9) 12.7 69.0
03/02/92 03/26/92 0.5 100.0% 0.0% 0.0%
02/27/92 09/30/92 14.1 0.0% 100.0% 0.0% 2.5 2.5 2.5
02/21/92 08/03/92 5.4 0.0% 99.4% 0.6% 76.0 105.3 76.0
02/21/92 02/26/92 15.0 50.0% 0.0% 50.0%
02/20/92 10/13/92 14.0 0.0% 76.6% 23.4% 38.0 47.2 69.8
02/18/92 08/27/92 31.9 100.0% 0.0% 0.0% 130.0 130.0 119.0
02/17/92 09/30/92 12.8 0.0% 100.0% 0.0% 70.7 94.4 66.7
02/14/92 09/03/92 107.4 0.0% 100.0% 0.0% 11.9 5.7 21.4
02/12/92 06/19/92 78.3 100.0% 0.0% 0.0% 19.2 21.6 14.8
02/11/92 08/07/92 46.2 100.0% 0.0% 0.0% 55.2 59.7 54.2
02/10/92 05/29/92 138.2 47.2% 0.0% 52.8% 45.1 38.8 72.5
01/30/92 03/31/92 14.5 100.0% 0.0% 0.0%
01/27/92 07/01/92 74.6 0.0% 100.0% 0.0% 26.0 27.1 27.1
01/22/92 01/22/92 0.9 100.0% 0.0% 0.0%
01/17/92 11/20/92 45.5 100.0% 0.0% 0.0% 45.0 51.3 45.0
01/13/92 10/05/92 7.3 0.0% 99.5% 0.5% (12.5) 27.3
</TABLE>
- -------------
(a) Screening criteria: completed friendly mergers or acquisitions of U.S.
public companies where 100% of the target company was acquired in the
transaction.
<PAGE> 36
UNIVAR CORPORATION
ANALYSIS OF SELECTED PUBLICLY TRADED
CHEMICAL AND INDUSTRIAL DISTRIBUTORS
SCHRODER WERTHELM & CO.
INCORPORATED
<PAGE> 37
SCHRODER WERTHEIM & CO.
INCORPORATED
UNIVAR CORPORATION
SUMMARY VALUATION BASED ON COMPARABLE PUBLICLY TRADED DISTRIBUTORS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
UNIVAR PAKHOED COMPARABLE TRADING MULT (b)
UNIVAR CURRENT OFFER ----------------------------
LMT(a) RESULTS MULTIPLES MULTIPLES HIGH AVERAGE LOW
- -------------------------------------------------- ----------------------------
<S> <C> <C> <C> <C> <C> <C>
EHITDA $57,842 8.0x 11.0x 8.4x 7.3x 5.7x
EBIT 29,343 15.8x 21.6x 10.7x 9.0x 6.5x
EPS 0.38 32.4x 50.9x 18.3x 14.5x 9.2x
FISCAL 1997 (d)
- ----------------
EBITDA $84,871 (e) 5.5x 7.5x 7.8x 7.2x 6.3x
EBIT 53,090 (e) 8.8x 11.9x 10.0x 9.1x 8.0x
Company EPS 1.07 (e) 11.5x 18.1x 16.6x 13.4x 8.7x
First Call EPS 0.82 15.1x 23.7x 16.6x 13.4x 8.7x
</TABLE>
<TABLE>
<CAPTION>
IMPLIED UVX EQUITY VALUE IMPLIED EQUITY VALUE PER SHARE(c)
------------------------------- ----------------------------------
LMT(a) HIGH AVERAGE LOW HIGH AVERAGE LOW
- ---------------- ------------------------------- ----------------------------------
<S> <C> <C> <C> <C> <C> <C>
EHITDA $291,565 $223,636 $134,124 $13.25 $10.29 $6.17
EBIT 119,092 66,774 0 5.48 3.07 0.00
EPS 151,586 120,143 76,299 6.97 5.53 3.51
------ ------ -------
Average $8.57 $6.30 $3.23
FISCAL 1997 (d) ====== ====== =======
- ----------------
EBITDA 469,103 413,768 335,537 20.81 18.45 15.12
EBIT 332,427 286,600 229,736 14.99 13.03 10.57
Company EPS 386,558 312,224 202,215 17.29 14.13 9.30
------ ------ -------
Average $17.70 $15.20 $11.66
====== ====== =======
First Call EPS 295.413 238,606 154,535 13.41 10.98 7.11
Average Equity Values per
Share (f) $13.13 $10.75 $7.45
====== ====== =======
Parkhoed Offer Price (g) $19.45 $19.45 $19.45
Implied Acquisition Premium 48.1% 80.9% 161.2%
1 Day 1 Week 4 Weeks
Historical Acquisition Premium ------ ------ -------
34.6% 39.1% 45.0%
</TABLE>
- -------------------
(a) Univar results exclude a $1.3 million loss on asset sale and $0.2 million
in reengineering costs.
(b) Comparable companies include: ACET, BER, EEV, GWW, HWKN, MCK & NSSX.
(c) Shares are accounted for under the Treasury Stock Method. Includes
1,741,072 options exercisable at an average price of $11.15 per share.
(d) For fiscal year ending February 28, 1997.
(e) Projections provided by management.
(f) Excludes valuation based on First Call EPS.
(g) Pakhoed offer price of $19.45 corresponds to an enterprise value of
$633,484 and an equity value of $437,569.
(h) For friendly acquisitions of U.S. public companies; Premiums are relative
to announcement date.
<PAGE> 38
SCHRODER WERTHEIM & CO.
INCORPORATED
COMPARABLE COMPANY DATA RANKED BY SELECTED CATEGORIES
PUBLICLY TRADED DISTRIBUTION COMPANIES
VALUATION MULTIPLES
- -------------------------------------------------------
<TABLE>
<CAPTION>
CURRENT P/E
- -------------------------------------------------------
<S> <C>
Univar 50.9 x
- -------------------------------------------------------
W W Grainger 18.3 x
McKesson 15.7 x
Bearings 15.7 x
Hawkins Chemical 14.6 x
Ellis & Everard 14.5 x
National Sanitary Supply 13.3 x
Aceto 9.2 x
AVERAGE EXCL. UVX 14.5 x
AVERAGE EXCL. HI/LO & UVX 14.8 x
</TABLE>
<TABLE>
<CAPTION>
PRICE / 1996P EPS
- -------------------------------------------------------
<S> <C>
Univar (First Call Estimates) 23.7 x
- -------------------------------------------------------
Univar (Company Estimates) 18.1 x
- -------------------------------------------------------
W. W. Grainger 16.6 x
Ellis & Everard 14.1 x
McKesson 13.9 x
Bearings 13.6 x
Aceto 8.7 x
Hawkins Chemical n/a
National Sanitary Supply n/a
AVERAGE EXCL. UVX 13.4 x
AVERAGE EXCL. HI/LO & UVX 13.9 x
</TABLE>
<TABLE>
<CAPTION>
EV / EBIT
- -------------------------------------------------------
<S> <C>
Univar 21.6 x
- -------------------------------------------------------
Ellis & Everard 10.7 x
Hawkins Chemical 9.7 x
Bearings 9.6 x
W. W. Grainger 9.5 x
McKesson 8.5 x
National Sanitary Supply 8.1 x
Aceto 6.5 x
AVERAGE EXCL. UVX 9.0 x
AVERAGE EXCL. HI/LO & UVX 9.1 x
</TABLE>
<TABLE>
<CAPTION>
EV / 1996P EBIT
- -------------------------------------------------------
<S> <C>
Univar (Company Estimates) 11.9 x
- -------------------------------------------------------
Ellis & Everard 10.0 x
Bearings 9.6 x
W. W. Grainger 8.8 x
McKesson 8.0 x
Aceto n/a
Hawkins Chemical n/a
National Sanitary Supply n/a
AVERAGE EXCL. UVX 9.1 x
AVERAGE EXCL. HI/LO & UVX 9.2 x
</TABLE>
<TABLE>
<CAPTION>
EV / EBITDA
- -------------------------------------------------------
<S> <C>
Univar 11.0 X
- -------------------------------------------------------
Hawkins Chemical 8.4 x
Ellis & Everard 8.4 x
W. W. Grainger 7.7 x
Bearings 7.4 x
McKesson 6.8 x
Aceto 6.4 x
National Sanitary Supply 5.7 x
AVERAGE EXCL. UVX 7.3 x
AVERAGE EXCL. HI/LO & UVX 7.3 x
</TABLE>
<TABLE>
<CAPTION>
EV / 1996P EBITDA
- -------------------------------------------------------
<S> <C>
Ellis & Everard 7.8 x
Univar (Company Estimates) 7.5 x
- -------------------------------------------------------
Bearings 7.3 x
W. W. Grainger 7.3 x
McKesson 6.3 x
Aceto n/a
Hawkins Chemical n/a
National Sanitary Supply n/a
AVERAGE EXCL. UVX 7.2 x
AVERAGE EXCL. HI/LO & UVX 7.3 x
</TABLE>
<PAGE> 39
SCHRODER WERTHEIM & CO.
INCORPORATED
COMPARABLE COMPANY DATA RANKED BY SELECTED CATEGORIES
PUBLICLY TRADED DISTRIBUTION COMPANIES
OPERATING RATIOS
- -------------------------------------------------------
<TABLE>
<CAPTION>
GROSS MARGIN
- -------------------------------------------------------
<S> <C>
W. W. Grainger 35.9%
National Sanitary Supply 31.3%
Bearings 25.9%
Hawkins Chemical 21.2%
Ellis & Everard 20.5%
Aceto 13.9%
Univar 13.8%
- -------------------------------------------------------
McKesson 8.3%
AVERAGE EXCL. UVX 22.4%
AVERAGE EXCL. HI/LO & UVX 22.6%
</TABLE>
<TABLE>
<CAPTION>
EBITDA MARGIN
- -------------------------------------------------------
<S> <C>
Hawkins Chemical 12.4%
W. W. Grainger 11.9%
Aceto 6.3%
Ellis & Everard 5.8%
Bearings 5.5%
National Sanitary Supply 4.9%
Univar 2.8%
- -------------------------------------------------------
McKesson 2.5%
AVERAGE EXCL. UVX 7.0%
AVERAGE EXCL. HI/LO & UVX 6.9%
</TABLE>
<TABLE>
<CAPTION>
EBIT MARGIN
- -------------------------------------------------------
<S> <C>
Hawkins Chemical 10.7%
W. W. Grainger 9.7%
Aceto 6.1%
Ellis & Everard 4.5%
Bearings 4.2%
National Sanitary Supply 3.5%
McKesson 2.0%
Univar 1.4%
- -------------------------------------------------------
AVERAGE EXCL. UVX 5.8%
AVERAGE EXCL. HI/LO & UVX 5.6%
</TABLE>
<TABLE>
<CAPTION>
TOTAL DEBT / TOTAL CAP INCL SHORT-TERM DEBT
- -------------------------------------------------------
<S> <C>
Univar 53.1%
- -------------------------------------------------------
Bearings 41.8%
McKesson 40.0%
Ellis & Everard 28.3%
National Sanitary Supply 22.8%
Aceto 3.5%
W. W. Grainger 2.7%
Hawkins Chemical 1.6%
AVERAGE EXCL. UVX 20.1%
AVERAGE EXCL. HI/LO & UVX 15.9%
</TABLE>
<TABLE>
<CAPTION>
EBIT / ENDING ASSETS
- -------------------------------------------------------
<S> <C>
W. W. Grainger 19.2%
Hawkins Chemical 18.0%
Ellis & Everard 13.1%
Aceto 12.7%
Bearings 11.6%
National Sanitary Supply 10.1%
McKesson 7.4%
Univar 3.8%
- -------------------------------------------------------
AVERAGE EXCL. UVX 13.2%
AVERAGE EXCL. HI/LO & UVX 13.1%
</TABLE>
<TABLE>
<CAPTION>
PRE-TAX RETURN ON ENDING EQUITY
- -------------------------------------------------------
<S> <C>
Ellis & Everard 29.5%
W. W. Grainger 26.1%
Hawkins Chemical 25.5%
Bearings 21.5%
McKesson 21.2%
Aceto 20.4%
National Sanitary Supply 15.9%
Univar 8.6%
- -------------------------------------------------------
AVERAGE EXCL. UVX 22.9%
AVERAGE EXCL. HI/LO & UVX 22.9%
</TABLE>
<PAGE> 40
SCHRODER WERTHEIM & CO.
INCORPORATED
COMPARISON OF SELECTED PUBLIC DISTRIBUTION COMPANIES
(in thousands, except per share data)
<TABLE>
<CAPTION>
Univar Univar
Corporation Corporation Aceto Bearings, Ellis &
Current Price Proposed Price(a) Corporation Inc. Everard plc
-------------- -------------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C>
VALUATION RATIOS
- -----------------------------------------------------------------------------------------------------------------------------------
Current P/E(1) 32.4 x 50.9 x 9.2 x 15.7 x 14.5 x
Price/First Call Calendar Projected 1996E EPS(2) 15.1 x 23.7 x 8.7 x 13.6 x 14.1 x
Price/First Call Calendar Projected 1997E EPS(2) 11.3 x 17.7 x n/a 12.7 x 12.8 x
Price/Company Projected 1996E EPS 11.5 x (b) 18.1 x (b)
Price/Company Projected 1997E EPS 7.8 x (b) 12.3 x (b)
Market Value/Book Value 1.4 x 2.3 x 1.2 x 1.9 x 3.1 x
EV/Revenues 0.2 x 0.3 x 0.4 x 0.4 x 0.5 x
EV/EBIT 15.8 x 21.6 x 6.5 x 9.6 x 10.7 x
EV/EBITDA 8.0 x 11.0 x 6.4 x 7.4 x 8.4 x
EV/Projected 1996 EBIT 8.8 x (b) 11.9 x (b) n/a 9.6 x 10.0 x
EV/Projected 1996 EBITDA 5.5 x (b) 7.5 x (b) n/a 7.3 x 7.8 x
EV/Projected 1997 EBIT 6.7 x (b) 9.2 x (b) n/a 8.1 x 8.8 x
EV/Projected 1997 EBITDA 4.6 x (b) 6.2 x (b) n/a 6.4 x 7.0 x
- -----------------------------------------------------------------------------------------------------------------------------------
MARKET DATA
- ------------------------------------------------
Symbol/Exchange UVX/NYSE CET/NASDAQ BER/NYSE EEV.L/London
12 Months Ended 30-Apr-96 31-Mar-96 31-Mar-96 31-Oct-95
Fiscal Year Ended 28-Feb 30-Jun 30-Jun 30-Apr
Price (30-May-96) $12,375 $19,450 $15,000 $28,500 L 2,800
52 Week Price Range $16.25-9.63 $17.50-12.96 $33.75-18.33 L 2.97-2.43
Annual Current Dividend $0.30 $0.33 $0.56 L 0.06
Indicated Yield 2.4% 2.2% 2.0% 2.1%
Market Value $268,976 $437,569 $77,839 $337,674 L 246,680
EV(=MV+Debt+Pfd-Cash) 464,891 633,484 73,946 454,461 272,680
Shares Outstanding 21,735 22,497 5,189 11,848 88,100
LTM FINANCIAL DATA
- ------------------------------------------------
Revenues $2,059,326 $183,715 $1,128,532 L 563,200
Gross Profit 284,736 25,529 292,388 115,300
EBIT 29,343 (c) 11,291 47,241 25,400
Pre-Tax Income 16,044 (c) 12,880 38,909 23,500
Net Income(1) 8,286 (c) 7,888 22,014 16,100
EBITDA 57,842 (c) 11,569 61,633 32,600
EPS(1) $0.38 (c) $1.63 $1.82 L 0.19
1996 First Call Calendar Projected EPS(2) 0.82 (3) 1.73 (1) 2.09 (3) 0.20(6)
1997 First Call Calendar Projected EPS(2) 1.10 (1) NA 2.25 (3) 0.22(4)
1996 Company Projected EPS 1.07 (b)
1997 Company Projected EPS 1.58 (b)
1996 Projected EBIT(3) $53,090 (b) NA $47,549 27,400
1996 Projected EBITDA(3) 84,871 (b) NA 61,941 34,800
1997 Projected EBIT(3) 69,159 (b) NA 56,115 31,000
1997 Projected EBITDA(3) 101,512 (b) NA 70,507 39,000
Total Assets 779,738 89,132 408,021 194,400
Cash & Equivalents 15,239 7,005 13,238 5,400
Long-Term Debt 131,495 1,000 68,571 26,800
Total Debt 211,155 2,291 130,025 31,400
Total Debt + Preferred 211,155 3,112 130,025 31,400
Common Shareholders' Equity 186,632 63,031 181,251 79,600
PROJECTED GROWTH RATES
- ------------------------------------------------
1995A - 1996P Fiscal EBITDA Growth Rate 52.0% NA 21.7% 17.6%
1996P - 1997P Fiscal EBITDA Growth Rate 19.6% NA 13.8% 12.1%
1995A - 1996P Cal EPS Growth Rate (First Call) 163.0% 4.9% 32.6% 16.3%
1996P - 1997P Cal EPS Growth Rate (First Call) 34.1% NA 7.7% 10.1%
1995A - 1996P Cal EPS Growth Rate (Comp) 244.2%
1996P - 1997P Cal EPS Growth Rate (Comp) 47.3%
</TABLE>
<TABLE>
<CAPTION>
Hawkins National W.W.
Chemical, McKesson Sanitary Grainger, Avg ex Avg ex H/L
Inc. Corporation Supply Co. Inc. UVX & UVX
---------- ------------- ----------- ---------- ------ ----------
<S> <C> <C> <C> <C> <C> <C>
VALUATION RATIOS
- -----------------------------------------------------------------------------------------------------------------------------------
Current P/E(1) 14.6 x 15.7 x 13.3 x 18.3 x 14.5 x 14.8 x
Price/First Call Calendar Projected 1996E EPS(2) n/a 13.9 x n/a 16.6 x 13.4 x 13.9 x
Price/First Call Calendar Projected 1997E EPS(2) n/a 13.0 x n/a 15.1 x 13.4 x 12.9 x
Price/Company Projected 1996E EPS
Price/Company Projected 1997E EPS
Market Value/Book Value 2.4 x 1.9 x 1.2 x 2.8 x 2.1 x 2.0 x
EV/Revenues 1.0 x 0.2 x 0.3 x 0.9 x 0.5 x 0.5 x
EV/EBIT 9.7 x 8.5 x 8.1 x 9.5 x 9.0 x 9.1 x
EV/EBITDA 8.4 x 6.8 x 5.7 x 7.7 x 7.3 x 7.3 x
EV/Projected 1996 EBIT n/a 8.0 x n/a 8.8 x 9.1 x 9.2 x
EV/Projected 1996 EBITDA n/a 6.3 x n/a 7.3 x 7.2 x 7.3 x
EV/Projected 1997 EBIT n/a n/a n/a 8.1 x 8.3 x 8.1 x
EV/Projected 1997 EBITDA n/a n/a n/a 6.8 x 6.7 x 6.8 x
- ----------------------------------------------------------------------------------------------------------------------------------
MARKET DATA
- ------------------------------------------------
Symbol/Exchange HWKN/NASDAQ MCK/NYSE NSSX/NASDAQ GWW/NYSE
12 Months Ended 31-Mar-96 31-Mar-96 31-Mar-96 31-Mar-96
Fiscal Year Ended 30-Sep 31-Dec 31-Dec 31-Dec
Price (30-May-96) $8,500 $45,500 $12,750 $67,625
52 Week Price Range $9.29-5.95 $55.63-41.25 $14.00-11.38 $71.13-55.50
Annual Current Dividend $0.30 $1.00 $0.30 $1.00
Indicated Yield 3.6% 2.2% 2.4% 1.5%
Market Value $93,939 $2,031,571 $78,238 $3,446,987
EV(=MV+Debt+Pfd-Cash) 87,497 2,316,271 94,820 3,045,457
Shares Outstanding 11,052 44,650 6,136 50,972
LTM FINANCIAL DATA
- ------------------------------------------------
Revenues $83,798 $13,716,400 $337,397 $3,312,730
Gross Profit 17,782 1,132,791 (a) 105,609 1,190,151
EBIT 8,986 (a) 272,476 (a) 11,748 322,143
Pre-Tax Income 10,134 (a) 227,400 9,959 317,591
Net Income(1) 6,112 (a) 135,400 5,818 189,920
EBITDA 10,382 (a) 341,276 (a) 16,618 394,323
EPS(1) $0.58 (a) $2.90 $0.96 $3.70
1996 First Call Calendar Projected EPS(2) NA 3.27 (6) NA 4.08 (12)
1997 First Call Calendar Projected EPS(2) NA 3.50 (4) NA 4.49 (9)
1996 Company Projected EPS
1997 Company Projected EPS
1996 Projected EBIT(3) NA $288,900 NA $345,000
1996 Projected EBITDA(3) NA 369,900 NA 417,180
1997 Projected EBIT(3) NA NA NA 375,000
1997 Projected EBITDA(3) NA NA NA 447,180
Total Assets 49,804 3,674,400 116,708 1,674,479
Cash & Equivalents 7,071 527,000 1,979 435,997
Long-Term Debt 572 455,800 15,000 8,202
Total Debt 628 752,800 18,561 34,467
Total Debt + Preferred 628 811,700 18,561 34,467
Common Shareholders' Equity 39,733 1,072,600 62,674 1,218,992
PROJECTED GROWTH RATES Avg ex Avg ex H/L
- ------------------------------------------------ UVX & UVX
1995A - 1996P Fiscal EBITDA Growth Rate NA 8.4% NA 7.8% 13.9% 13.0%
1996P - 1997P Fiscal EBITDA Growth Rate NA NA NA 7.2% 11.0% 12.1%
1995A - 1996P Cal EPS Growth Rate (First Call) NA 12.8% NA 12.0% 15.7% 13.7%
1996P - 1997P Cal EPS Growth Rate (First Call) NA 7.0% NA 10.0% 8.7% 8.9%
1995A - 1996P Cal EPS Growth Rate (Comp)
1996P - 1997P Cal EPS Growth Rate (Comp)
</TABLE>
<PAGE> 41
SCHRODER WERTHEIM & CO. COMPARISON OF SELECTED PUBLIC DISTRIBUTION COMPANIES
INCORPORATED (in thousands, except per share data)
<TABLE>
<CAPTION>
Univar Univar
Corporation Corporation Aceto Bearings, Ellis &
Current Price Proposed Price(a) Corporation Inc. Everard plc
------------- ----------------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
OPERATING RATIOS
- ----------------
EBIT/Ending assets 3.8% 12.7% 11.6% 13.1%
Pre-Tax Return on Ending Equity 8.6% 20.4% 21.5% 29.5%
Gross Margin 13.8% 13.9% 25.9% 20.5%
EBIT Margin 1.4% (c) 6.1% 4.2% 4.5%
Pre-Tax Margin 0.8% (c) 7.0% 3.4% 4.2%
Net Margin(1) 0.4% (c) 4.3% 2.0% 2.9%
EBITDA Margin 2.8% (c) 6.3% 5.5% 5.8%
HISTORICAL INCOME DATA
REVENUES
- ----------------------
LTM $2,059,326 $183,715 $1,128,532 L563,200
1995 2,037,674 164,783 1,054,809 513,500
1994 1,912,728 149,847 936,254 426,100
1993 1,802,464 155,267 831,432 394,600
Growth Rate 6.3% 3.0% 12.6% 14.1%
GROSS PROFIT
- ----------------------
LTM $284,736 $25,529 $292,388 L115,300
1995 280,834 24,834 271,704 112,300
1994 273,673 22,821 252,041 101,200
1993 269,533 22,360 218,186 91,900
Growth Rate 2.1% 5.4% 11.6% 10.5%
EBIT
- ----------------------
LTM $29,343 (c) $11,291 $47,241 L25,400
1995 26,695 (c) 10,987 36,923 22,600
1994 24,906 (d) 10,498 (a) 27,817 17,200
1993 27,145 (e) 9,413 (b) 20,521 13,800
Growth Rate (0.8%) 8.0% 34.1% 28.0%
PRE-TAX INCOME
- ----------------------
LTM $16,044 (c) $12,880 $38,909 L23,500
1995 13,671 (c) 12,615 29,659 21,000
1994 13,781 (d) 11,330 (a) 21,657 15,900
1993 15,479 (e) 10,790 (b) 15,357 12,200
Growth Rate (6.0%) 8.1% 39.0% 31.2%
NET INCOME(1)
- ----------------------
LTM $8,286 (c) $7,888 $22,014 L16,100
1995 6,765 (c) 7,756 16,909 14,200
1994 5,868 (d) 7,231 (a) 12,687 11,100
1993 8,895 (e) 6,394 (b) 8,927 8,500
Growth Rate (12.8%) 10.1% 37.6% 29.3%
PRIMARY EPS(1)
- ----------------------
LTM $0.38 (c) $1.63 $1.82 L0.19
1995 0.31 (c) 1.54 1.47 0.17
1994 0.27 (d) 1.42 (a) 1.12 0.13
1993 0.45 (e) 1.26 (b) 0.82 0.10
Growth Rate (16.9%) 10.7% 33.7% 28.7%
</TABLE>
<TABLE>
<CAPTION>
Hawkins National W.W.
Chemical, McKesson Sanitary Grainger, Avg ex Avg ex H/L
Inc. Corporation Supply Co. Inc. UVX & UVX
--------- ----------- ---------- ---------- ------ ----------
<S> <C> <C> <C> <C> <C> <C>
$83,798 $13,716,400 $337,397 $3,312,730 13.2% 13.1%
OPERATING RATIOS
- ----------------
EBIT/Ending assets 18.0% 7.4% 10.1% 19.2% 13.2% 13.1%
Pre-Tax Return on Ending Equity 25.5% 21.2% 15.9% 26.1% 22.9% 22.9%
Gross Margin 21.2% 8.3% (a) 31.3% 35.9% 22.4% 22.6%
EBIT Margin 10.7% (a) 2.0% (a) 3.5% 9.7% 5.8% 5.6%
Pre-Tax Margin 12.1% (a) 1.7% 3.0% 9.6% 5.8% 5.4%
Net Margin(1) 7.3% (a) 1.0% 1.7% 5.7% 3.5% 3.3%
EBITDA Margin 12.4% (a) 2.5% (a) 4.9% 11.9% 7.0% 6.9%
HISTORICAL INCOME DATA
REVENUES
- ----------------------
$83,798 $13,716,400 $337,397 $3,312,730
83,333 13,716,400 340,913 3,276,910
71,423 13,189,100 308,280 3,023,076
60,914 12,251,400 296,865 2,628,398
17.0% 5.8% 7.2% 11.7%
GROSS PROFIT
- ----------------------
$17,782 $1,132,791 (a) $105,609 $1,190,151
17,777 1,132,791 (a) 106,206 1,181,358
16,139 1,130,800 97,739 1,071,755
13,794 1,064,400 94,330 974,864
13.5% 3.2% 6.1% 10.1%
EBIT
- ----------------------
$8,986 (a) $272,476 (a) $11,748 $322,143
9,196 (a) 272,476 (a) 11,847 316,291
7,879 282,700 10,292 284,618 (a)
7,368 262,400 9,093 252,960 (b)
11.7% 1.9% 14.1% 11.8%
PRE-TAX INCOME
- ----------------------
$10,134 (a) $227,400 $9,959 $317,591
10,238 (a) 227,400 9,819 312,149
8,408 213,600 8,089 281,837 (a)
7,989 186,700 7,344 250,829 (b)
13.2% 10.4% 15.6% 11.6%
NET INCOME(1)
- ----------------------
$6,112 (a) $135,400 $5,818 $189,920
6,174 135,400 5,745 186,665
5,044 116,200 4,753 159,723 (a)
4,793 102,000 4,277 149,747 (b)
13.5% 15.2% 15.9% 11.6%
PRIMARY EPS(1)
- ----------------------
$0.58 (a) $2.90 $0.96 $3.70
0.59 (a) 2.90 0.95 3.64
0.48 2.52 0.80 3.12 (a)
0.46 2.22 0.73 2.88 (b)
13.5% 14.3% 14.2% 12.4%
</TABLE>
<PAGE> 42
SCHRODER WERTHEIM & CO. COMPARISON OF SELECTED PUBLIC DISTRIBUTION COMPANIES
INCORPORATED
(in thousands, except per share data)
<TABLE>
<CAPTION>
UNIVAR UNIVAR
CORPORATION CORPORATION ACETO BEARINGS, ELLIS &
CURRENT PRICE PROPOSED PRICE(a) CORPORATION INC. EVERARD PLC
------------- ----------------- ----------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
EBITDA
- ------------------------------------
LTM $57,832 (c) $11,569 $61,633 L 32,600
1995 55,831 (c) 11,286 50,878 29,600
1994 51,926 (d) 10,813 (a) 44,182 24,300
1993 54,594 (e) 10,291 (b) 33,867 20,000
Growth Rate 11% 4.7% 22.6% 21.7%
MARGIN ANALYSIS
GROSS PROFIT MARGIN
- ------------------------------------
LTM 13.8% 13.9% 25.9% 20.5%
1995 13.8% 15.1% 25.8% 21.9%
1994 14.3% 15.2% 26.9% 23.8%
1993 15.0% 14.4% 26.2% 23.3%
EBIT MARGIN
- ------------------------------------
LTM 1.4% (c) 6.1% 4.2% 4.5%
1995 1.3% (c) 6.7% 3.5% 4.4%
1994 1.3% (d) 7.0% (a) 3.0% 4.0%
1993 1.5% (e) 6.1% (b) 2.5% 3.5%
PRE-TAX MARGIN
- ------------------------------------
LTM 0.8% (c) 7.0% 3.4% 4.2%
1995 0.7% (c) 7.7% 2.8% 4.1%
1994 0.7% (d) 7.6% (a) 2.3% 3.7%
1993 0.9% (e) 6.9% (b) 1.8% 3.1%
NET MARGIN(1)
- ------------------------------------
LTM 0.4% (c) 4.3% 2.0% 2.9%
1995 0.3% (c) 4.7% 1.6% 2.8%
1994 0.3% (d) 4.8% (a) 1.4% 2.6%
1993 0.5% (e) 4.1% (b) 1.1% 2.2%
EBITDA MARGIN
- ------------------------------------
LTM 2.8% (c) 6.3% 5.5% 5.8%
1995 2.7% (c) 6.8% 4.8% 5.8%
1994 2.7% (d) 7.2% (a) 4.7% 5.7%
1993 3.0% (e) 6.6% (b) 4.1% 5.1%
</TABLE>
<TABLE>
<CAPTION>
HAWKINS NATIONAL W.W.
CHEMICAL, MCKESSON SANITARY GRAINGER,
INC. CORPORATION SUPPLY CO. INC.
--------- ----------- ---------- --------
<S> <C> <C> <C> <C> <C>
EBITDA
- ------------------------------------
LTM $10,382 (a) $341,276 (a) $16,618 $394,323
1995 10,565 (a) 341,276 (a) 16,695 387,141
1994 9,138 352,500 14,817 348,947 (a)
1993 8,519 329,600 13,845 308,931 (b)
Growth Rate 11.4% 1.8% 9.8% 11.9%
MARGIN ANALYSIS
GROWTH PROFIT MARGIN
- ------------------------------------
LTM 21.2% 8.3% (a) 31.3% 35.9%
1995 21.3% 8.3% (a) 31.2% 36.1%
1994 22.6% 8.6% 31.7% 35.5%
1993 22.6% 8.7% 31.8% 37.1%
EBIT MARGIN
- ------------------------------------
LTM 10.7% (a) 2.0% (a) 3.5% 9.7%
1995 11.0% (a) 2.0% (a) 3.5% 9.7%
1994 11.0% 2.1% 3.3% 9.4% (a)
1993 12.1% 2.1% 3.1% 9.6% (b)
PRE-TAX MARGIN
- ------------------------------------
LTM 12.1% (a) 1.7% 3.0% 9.6%
1995 12.3% (a) 1.7% 2.9% 9.5%
1994 11.8% 1.6% 2.6% 9.3% (a)
1993 13.1% 1.5% 2.5% 9.5% (b)
NET MARGIN(1)
- ------------------------------------
LTM 7.3% (a) 1.0% 1.7% 5.7%
1995 7.4% (a) 1.0% 1.7% 5.7%
1994 7.1% 0.9% 1.5% 5.3% (a)
1993 7.9% 0.8% 1.4% 5.7% (b)
EBITDA MARGIN
- ------------------------------------
LTM 12.4% (a) 2.5% (a) 4.9% 11.9%
1995 12.7% (a) 2.5% (a) 4.9% 11.8%
1994 12.8% 2.7% 4.8% 11.5% (a)
1993 14.0% 2.7% 4.7% 11.8% (b)
</TABLE>
<PAGE> 43
SCHRODER WERTHEIM & CO. COMPARISON OF SELECTED PUBLIC DISTRIBUTION COMPANIES
INCORPORATED
(in thousands, except per share data)
<TABLE>
<CAPTION>
UNIVAR UNIVAR
CORPORATION CORPORATION ACETO BEARINGS, ELLIS &
CURRENT PRICE PROPOSED PRICE(a) CORPORATION INC. EVERARD PLC
------------- ----------------- ----------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
HISTORICAL BALANCE SHEET
TOTAL ASSETS
- ------------------------------------
LTM $779,718 $89,132 $408,021 L 194,400
1995 740,604 86,116 359,231 199,300
1994 673,203 81,798 343,519 175,500
1993 652,694 76,352 315,935 165,900
Growth Rate 6.5% 6.2% 6.6% 9.6%
COMMON EQUITY
- ------------------------------------
LTM $186,632 $63,031 $181,251 L 79,600
1995 179,606 60,143 165,104 72,900
1994 176,163 56,846 150,491 73,100
1993 157,406 51,901 134,940 68,400
Growth Rate 6.8% 7.6% 10.6% 3.2%
CAPITALIZATION
AS OF: 30-Apr-96 31-Mar-96 31-Mar-96 31-Oct-95
Short-Term Debt $ 79,660 $1,291 $61,454 L 4,600 (a)
Long Term Debt 131,495 41.3% 1,000 1.5% 68,571 27.4% 26,800 25.2%
Preferred Stock + Minority Interest 0 0.0% 821 1.3% 0 0.0% 0 0.0%
Common Equity 186,632 58.7% 63,031 97.2% 181,251 72.6% 79,600 74.8%
-------- ------- -------- -----------
TOTAL CAPITALIZATION $318,126 100.0% $64,852 100.0% $249,822 100.0% L 106,400 100.0%
======== ======= ======== =============
Cash and Equivalents $15,239 $7,005 $13,238 L 5,400
======== ======= ======== =============
</TABLE>
<TABLE>
<CAPTION>
HAWKINS NATIONAL W.W.
CHEMICAL, McKESSON SANITARY GRAINGER,
INC. CORPORATION SUPPLY CO. INC.
--------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C>
HISTORICAL BALANCE SHEET
TOTAL ASSETS
- ------------------------------------
LTM $49,804 $3,674,400 $116,708 $1,674,479
1995 53,691 3,674,400 123,239 1,669,243
1994 45,975 3,479,200 124,072 1,534,751
1993 40,067 2,835,000 114,144 1,376,664
Growth Rate 15.8% 13.8% 3.9% 10.1%
COMMON EQUITY
- ------------------------------------
LTM $39,733 $1,072,600 $62,674 $1,218,992
1995 38,119 1,072,600 61,867 1,179,109
1994 34,773 1,013,500 57,561 1,032,805
1993 30,869 678,600 53,148 941,905
Growth Rate 11.1% 25.7% 7.9% 11.9%
CAPITALIZATION
AS OF: 31-Mar-96 31-Dec-95 31-Mar-96 31-Mar-96
Short-Term Debt $56 $297,000 $3,561 $26,265
Long Term Debt 572 1.4% 455,800 28.7% 15,000 19.3% 8,202 0.7%
Preferred Stock + Minority Interest 0 0.0% 58,900 3.7% 0 0.0% 0 0.0%
Common Equity 39,733 98.6% 1,072,600 67.6% 62,674 80.7% 1,218,992 99.3%
------- ---------- ------- ----------
TOTAL CAPITALIZATION $40,306 100.0% $1,587,300 100.0% $77,674 100.0% $1,227,194 100.0%
======= ========== ======= ==========
Cash and Equivalents $7,071 $527,000 $1,979 $435,997
======= ========== ======= ==========
</TABLE>
<PAGE> 44
SCHRODER WERTHEIM & CO. COMPARISON OF SELECTED PUBLIC DISTRIBUTION COMPANIES
INCORPORATED NOTES
(1) Net income and EPS results are from continuing operations, before
extraordinary items, after minority interests and preferred dividends.
(2) Earnings estimates are from First Call for all US companies. Earnings
estimates for foreign companies are from equity research reports.
(3) Projected EBIT and EBITDA from analyst projections.
UNIVAR CORPORATION
(a) Dilution of exercised options is accounted for under the Treasury Stock
Method.
(b) Projections provided by the Company.
(c) Excludes a $1.3 million loss on asset sale and $0.2 million in
reengineering costs ($0.9 million after-tax, $0.04 per share).
(d) Excludes a $0.1 million loss on asset sale and $37.4 million in
reengineering charges ($22.5 million after-tax, $1.05 per share).
(e) Excludes $4.5 million in reengineering charges ($2.7 million after-tax,
$0.14 per share).
ACETO CORPORATION
(a) Excludes $0.4 million in plant shut-down costs ($0.2 million after-tax,
$0.05 per share).
(b) Excludes $7.5 million in plant shut-down costs ($4.5 million after-tax,
$0.88 per share).
ELLIS & EVERARD PLC
(a) Total debt is actual as of October 31, 1995 however the allocation between
short-term and long-term is estimated based on April 30, 1995 results.
HAWKINS CHEMICAL, INC.
(a) Excludes $0.8 million in nonrecurring expenses ($0.5 million after-tax,
$0.04 per share).
MCKESSON CORPORATION
(a) Estimated based on fiscal 1995 margins.
W.W. GRAINGER, INC.
(a) Excludes a $53.0 million restructuring charge ($31.8 million after-tax,
$0.62 per share).
(b) Excludes a $0.8 million restructuring charge ($0.5 million after-tax,
$0.01 per share).
<PAGE> 45
Univar Corporation
__________________________________________________________________________
ANALYSIS OF SELECTED CHEMICAL AND INDUSTRIAL
DISTRIBUTORS MERGERS AND ACQUISITIONS
(1994 TO 1996)
__________________________________________________________________________
SCHRODER WERTHEIM & CO.
INCORPORATED
<PAGE> 46
SCHRODER WERTHEIM & CO. UNIVAR CORPORATION Page 1
INCORPORATED SUMMARY VALUATION BASED ON COMPARABLE DISTRIBUTION M&A
TRANSACTIONS
(in thousands, except per share data)
<TABLE>
<CAPTION>
ALL COMPARABLE
TRANSACTION MULTIPLES (b) IMPLIED UVX EQUITY VALUE IMPLIED EQUITY VALUE PER SHARE(c)
------------------------- --------------------------------- ---------------------------------
LTM UNIVAR RESULTS (a) HIGH AVERAGE LOW HIGH AVERAGE LOW HIGH AVERAGE LOW
- ------------------------- ----- ------- ---- -------- -------- -------- ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EBITDA $57,842 15.6x 10.0x 5.4x $706,421 $382,505 $116,432 $30.92 $17.12 $5.36
EBIT 29,343 21.1x 12.7x 8.7x 423,217 176,738 59,367 18.85 8.13 2.73
Net Income 8,286 38.6x 19.4x 1.6x 319,859 160,758 96,123 14.45 7.40 4.42
------ ------ -----
Average Equity Value per Share $21.41 $10.88 $4.17
====== ====== =====
</TABLE>
<TABLE>
<CAPTION>
CHEMICAL DISTRIBUTION TRANSACTIONS IMPLIED UVX EQUITY VALUE IMPLIED EQUITY VALUE PER SHARE
---------------------------------- -------------------------------- --------------------------------
PAKHOED/ BRENNTAG/ PAKHOED/ BRENNTAG/ PAKHOED/ BRENNTAG/
LTM UNIVAR RESULTS (a) LAMBERT AVERAGE ORCHIDIS LAMBERT AVERAGE ORCHIDIS LAMBERT AVERAGE ORCHIDIS
- ------------------------- ------- ------- --------- -------- ------- --------- --------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EBITDA $57,942 9.1x 7.3x 5.4x $330,447 $223,440 $116,432 $14.90 $10.28 $5.36
EBIT 29,343 10.8x 9.8x 8.7x 120,987 90,177 59,367 5.57 4.15 2.73
Net Income 8,286 11.6x 12.7x 13.7x 96,123 104,824 113,525 4.42 4.82 5.22
------ ------ -----
Average Equity Value per Share $8.30 $6.42 $4.44
====== ====== =====
</TABLE>
- -------------------
(a) Univar results exclude a $1.3 million loss on asset sale and $0.2 million
in reengineering costs.
(b) Average excludes high and low values in the range.
(c) Shares are accounted for under the Treasury Stock Method. Includes
1,741,072 options exerciseable at an average price of $11.15 per share.
<PAGE> 47
SCHRODER WERTHEIM & CO. SELECTED DISTRIBUTION COMPANIES MERGER AND PAGE 1
INCORPORATED ACQUISITION TRANSACTIONS
JANUARY 1994 TO PRESENT
(Currencies in Millions)
<TABLE>
<CAPTION>
DATES:
ANNOUNCED/ TARGET/
COMPLETED ACQUIROR TARGET DESCRIPTION
- ---------- ----------------------------------------- ----------------------------------------------------
<S> <C> <C>
05-Dec-95 Parts Inc. (GKN plc) Distribution company for auto parts
26-Jan-96 APS Holding CORP.
14-Jun-95 Erith plc Distribution company for construction
01-Sep-95 Graham Group materials and building products
24-May-95 Industrial and Life Sciences Unit (Baxer) Distribution company for laboratory supplies,
15-Aug-95 VWR Scientific Products Corporation chemicals and industrial equipment
05-Jan-95 ADESA Corporation Distribution company for automobiles
30-Jun-95 Minnesota Power & Lighting Company equipment
Fiscal 1995 Various regional distributors Distributors of industrial, medical and specialty
Fiscal 1995 Airgas, Inc. gases and related equipment
05-Dec-94 Lambert Riviere S.A. French chemical distributor with operations
04-JAN-95 Royal Pakhoed N.V. in France, Italy, Spain and Portugal
21-Sep-94 Anthem Electronics, Inc. Distribution company for electronics
28-Nov-94 Arrow Electronics, Inc. and computer equipment
19-Jan-94 Orchidis Distribution company of chemicals, fuels, and ores
09-Aug-94 Brenntag AG
23-Jun-94 Gates/FA Distributing Inc. Distribution company for electronics
29-Aug-94 Arrow Electronics, Inc. and computer equipment
17-Jun-94 Bunzl Building Supply Inc. Distribution company for construction
17-Jun-94 Rugby Group plc materials and building products
Fiscal 1994 Various regional distributors Distributors of industrial, medical and specialty
Fiscal 1994 Airgas, Inc. gases and related equipment
</TABLE>
<TABLE>
<CAPTION>
DATES:
ANNOUNCED/ PURCHASE LTM REVENUES LTM EBIT LTM EBITDA LTM NET INCOME CASH/
COMPLETED PRICE (PP) APP/REVENUES APP/EBIT APP/EBITDA PP/NET INCOME DEBT + PREF
- ----------- ---------- ------------- --------- ---------- -------------- -----------
<S> <C> <C> <C> <C> <C> <C>
05-Dec-95 $79.7 $232.5(a) $4.2(b) $5.6(a) $2.1(a) $1.1
26-Jan-96 0.3x 18.6x 14.0x 38.6x 0.3
14-Jun-95 L55.4 L85.2 L3.0 L4.0 L1.8 L0.0
01-Sep-95 0.7x 21.1x 15.6x 30.0x 7.4
24-May-95 $428.7 $490.7 $43.6 $45.2 $25.5 $0.0
15-Aug-95 0.9x 9.8x 9.5x 16.8x 0.0
05-Jan-95 $206.6(b) $110.5 $18.1 $25.3 $7.7 $18.0
30-Jun-95 2.4x 14.6x 10.5x 26.9x 76.3
Fiscal 1995 $91.0 $92.1 $6.7 $10.2 $4.5 $0.0
Fiscal 1995 1.0x 13.5x 9.0x 20.4x 0.4
05-Dec-94 Ffr 408.0 Ffr 1,005.9 Ffr 43.2 Ffr 51.3 Ffr 35.1 Ffr 77.2
04-Jan-95 0.5x 10.8x 9.1x 11.6x 136.0
21-Sep-94 $390.6 $701.8 $36.4 $39.5 $21.6 $39.7
28-Nov-94 0.5x 9.7x 8.9x 18.0x 0.0
19-Jan-94 Ffr 240.0 Ffr 1,002.2 Ffr 36.5 Ffr 59.4 Ffr 17.5 Ffr 3.9
09-Aug-94 0.3x 8.7x 5.4x 13.7x 82.2
23-Jun-94 $141.8 $393.4 $16.1 $17.0 $8.0 $0.0
29-Aug-94 0.5x 11.1x 10.5x 17.7x 36.3
17-Jun-94 $94.0 $358.5 NA NA $6.4 $0.0
17-Jun-94 0.3x N/A N/A 14.7x 0.0
Fiscal 1994 $56.3 $65.1 $4.2 $6.3 $3.4 $0.0
Fiscal 1994 0.9x 13.3x 8.9x 16.8x 0.0
</TABLE>
Notes: (1) All data is from continuing operations and excludes extraordinary
items.
(2) Adjusted Purchase Price (APP) = Purchase Price + Debt +
Preferred + Minority Interest - Cash
(a) Estimated based on nine month data ended November 30, 1995 and
25% of twelve months ended December 31, 1994.
(b) Minnesota P&L acquired 80% of the stock for $167 million.
Purchase price is grossed up to reflect total company value.
<TABLE>
<CAPTION>
AVERAGE TRANSACTION MULTIPLES
<S> <C> <C> <C> <C>
Average 0.7x 13.1x 10.1x 20.5x
Average excl. High/Low 0.6x 12.7x 10.0x 19.4x
High 2.4x 21.1x 15.6x 38.6x
Low 0.3x 8.7x 5.4x 11.6x
</TABLE>
<PAGE> 48
Univar Corporation
__________________________________________________________________________
DISCOUNTED CASH FLOW ANALYSIS
__________________________________________________________________________
SCHRODER WERTHEIM & CO.
INCORPORATED
<PAGE> 49
SCHRODER WERTHEIM & CO. PROJECT EAGLE
INCORPORATED UNIVAR CONSOLIDATED
DISCOUNTED CASH FLOW ANALYSIS
BASE CASE
(dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Discount Rate
-----------------------------------
Low Average High
--------- ----------- --------
<S> <C> <C> <C>
Present Value of Discounted
Free Cash Flows as of May 31, 1996 $254,023 $239,131 $225,539
Terminal Value as of May 31, 1996
2002 EBITDA Exit Multiple of 5.0x $423,692 $382,443 $345,829
6.0x 508,431 458,932 414,995
7.0x 593,169 535,420 484,161
Implied Enterprise Value as of May 31, 1996
2002 EBITDA Exit Multiple of 5.0x $677,715 $621,574 $571,368
6.0x 762,454 698,062 640,534
7.0x 847,192 774,551 709,700
Plus: Cash & Equivalents at 4/30/96 $15,239 $15,239 $15,239
Less: Total Debt and Cash Overdraft at 4/30/96 (211,155) (211,155) (211,155)
Implied Equity Value as of May 31, 1996
2002 EBITDA Exit Multiple of 5.0x $481,800 $425,658 $375,453
6.0x 566,538 502,147 444,619
7.0x 651,277 578,636 513,785
Implied Equity Value per (Fully Diluted) Share (a)
2002 EBITDA Exit Multiple of 5.0X $21.35 $18.96 $16.82
6.0x 24.96 22.22 19.77
7.0x 28.57 25.47 22.71
</TABLE>
(a) Includes issuance of common shares and cash proceeds from the exercise of
in-the-money options.
<PAGE> 50
SCHRODER WERTHEIM & CO. PROJECT EAGLE
INCORPORATED FINANCIAL SUMMARY
BASE CASE
(dollars in thousands)
<TABLE>
<CAPTION>
Projected Year Ended February 28,
Actual Pro Forma ----------------------------------------------------------------------
SUMMARY INCOME STATEMENT DATA 1996 1996 1997 1998 1999 2000 2001 2002
- ------------------------------ ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Revenue
Consolidated $2,037,674 $2,037,674 $2,213,512 $2,380,730 $2,533,284 $2,675,677 $2,810,310 $2,952,387
Van Waters & Rogers Inc.
& Corporate 1,276,709 1,276,709 1,344,041 1,450,100 1,537,106 1,613,961 1,678,520 1,745,660
Van Waters & Rogers Ltd. 401,338 401,338 419,961 445,159 471,869 495,462 520,235 546,247
Univar Europe $359,627 $359,627 $449,510 $485,471 524,309 566,254 611,554 660,479
EBITDA
Consolidated $55,831 $55,831 $84,871 $101,512 $121,596 $133,736 $143,488 $156,694
Van Waters & Rogers Inc.
& Corporate 18,943 18,943 39,700 50,171 63,658 69,024 72,513 77,196
Van Waters & Rogers Ltd. 21,645 21,645 23,632 25,723 27,965 29,841 31,832 34,136
Univar Europe 15,243 15,243 21,539 25,618 29,973 34,871 39,143 45,363
EBIT
Consolidated $26,695 $26,695 $53,090 $69,159 $89,923 $102,265 $112,457 $125,563
Van Waters & Rogers Inc.
& Corporate (3,142) (3,142) 16,422 26,421 40,688 46,356 50,385 55,068
Van Waters & Rogers Ltd. 18,935 18,935 20,559 22,650 24,892 26,768 28,759 31,063
Univar Europe 10,903 10,903 16,109 20,088 24,343 29,141 33,313 39,433
</TABLE>
<PAGE> 51
SCHRODER WERTHEIM & CO. PROJECT EAGLE
INCORPORATED VAN WATERS & ROGERS INC. & EXECUTIVE OFFICE
DISCOUNTED CASH FLOW ANALYSIS
(dollars in thousands)
<TABLE>
<CAPTION>
Projected Year Ended February 28
--------------------------------
1997 1998 1999 2000 2001 2002
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
EBIT $16,422 $26,421 $40,688 $46,356 $50,385 $55,068
Less: Taxes at Blended Rate (7,108) (11,150) (16,739) (18,976) (20,574) (22,428)
------- ------- ------- ------- ------- -------
Tax Effected EBIT 9,314 15,271 23,949 27,380 29,811 32,639
Plus: Depreciation and Amortization 23,278 23,750 22,970 22,668 22,128 22,128
Plus: Deferred Taxes 8,082 1,243 1,269 1,130 929 666
Less: Working Capital Requirements 7,462 (7,480) (2,781) (1,716) (1,089) (2,071)
Less: Capital Expenditures (30,038) (15,862) (13,197) (13,541) (13,896) (13,896)
------- ------- ------- ------- ------- -------
Free Cash Flow $18,098 $16,922 $32,210 $35,921 $37,882 $39,466
======= ======= ======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
Discount Rate
-------------
11.0% 13.0% 15.0%
----- ----- -----
<S> <C> <C> <C> <C>
Present Value of Discounted
Free Cash Flows $124,029 $116,650 $109,921
Terminal Value
----------------------------
2002 EBITDA Exit Multiple of 5.Ox $211,815 $191,145 $172,803
6.Ox 254,178 229,374 207,364
7.Ox 296,541 267,603 241,924
Implied Enterprise Value
----------------------------
2002 EBITDA Exit Multiple of 5.Ox $335,844 $307,795 $282,724
6.Ox 378,207 346,024 317,284
7.Ox 420,570 384,253 351,845
</TABLE>
<PAGE> 52
SCHRODER WERTHEIM & CO. PROJECT EAGLE
INCORPORATED VAN WATERS & ROGERS LTD.
DISCOUNTED CASH FLOW ANALYSIS
(Dollars in thousands)
<TABLE>
<CAPTION>
Projected Year Ended February 28,
---------------------------------
1997 1998 1999 2000 2001 2002
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
EBIT $20,559 $22,650 $24,892 $26,768 $28,759 $31,063
Less Taxes at Effective Rate of 37.6% (7,725) (8,511) (9,353) (10,058) (10,806) (11,672)
------- ------- ------- ------- ------- -------
Tax Effected EBIT 12,834 14,139 15,539 16,710 17,953 19,391
Plus: Depreciation and Amortization 3,073 3,073 3,073 3,073 3,073 3,073
Plus: Deferred Taxes 86 175 173 157 129 91
Less: Working Capital Requirements 2,478 (7,947) (1,993) (1,562) (1,824) (2,052)
Less: Capital Expenditures (4,571) (2,000) (2,000) (2,000) (2,000) (2,000)
------- ------- ------- ------- ------- -------
Free Cash Flow $13,900 $7,440 $14,792 $16,378 $17,331 $18,504
======= ======= ======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
Discount Rate
-------------
11.0% 13.0% 15.0%
------- ------- --------
<S> <C> <C> <C> <C>
Present Value of Discounted
Free Cash Flows $61,938 $58,478 $55,318
Terminal Value
----------------------------
2002 EBITDA Exit Multiple of 5.Ox $93,664 $84,524 $76,413
6.Ox 112,397 101,429 91,696
7.Ox 131,130 118,333 106,978
Implied Enterprise Value
----------------------------
2002 EBITDA Exit Multiple of 5.OX $155,602 $143,002 $131,731
6.Ox 174,335 159,906 147,014
7.Ox 193,068 176,811 162,297
</TABLE>
<PAGE> 53
SCHRODER WERTHEIM & CO. PROJECT EAGLE
INCORPORATED UNIVAR EUROPE
DISCOUNTED CASH FLOW ANALYSIS
(dollars in thousands)
<TABLE>
<CAPTION>
Projected Year Ended February 28,
--------------------------------------------------------
1997 1998 1999 2000 2001 2002
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
EBIT $16,109 $20,088 $24,343 $29,141 $33,313 $39,433
Less Taxes at Effective Rate of 35.4% (5,699) (7,106) (8,611) (10,309) (11,785) (13,949)
------- ------- ------- ------- ------- -------
Tax Effected EBIT 10,410 12,982 15,732 18,832 21,529 25,483
Plus: Depreciation and AMORTIZATION 5,430 5,530 5,630 5,730 5,830 5,930
Plus: Deferred Taxes 160 310 279 233 176 108
Less: Working Capital Requirements (2,572) 3,407 (3,070) (3,293) (3,637) (4,378)
Less: Capital Expenditures (9,067) (3,000) (3,000) (3,000) (3,000) (3,000)
------- ------- ------- ------- ------- -------
Free Cash Flow $4,362 $19,228 $15,571 $18,503 $20,898 $24,144
======= ======= ======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
Discount Rate
---------------------------
12.0% 14.0% 16.0%
-------- --------- --------
<S> <C> <C> <C> <C>
Present Value of Discounted
Free Cash Flows $68,056 $64,002 $60,300
Terminal Value
----------------------------
2002 EBITDA Exit Multiple of 5.OX $118,213 $106,774 $96,613
6.Ox 141,856 128,129 115,936
7.Ox 165,498 149,484 135,258
Implied Enterprise Value
----------------------------
2002 EBITDA EXIT Multiple of 5.Ox $186,269 $170,777 $156,913
6.Ox 209,912 192,132 176,236
7.Ox 233,554 213,486 195,558
</TABLE>
<PAGE> 54
SCHRODER WERTHEIM & CO. UNIVAR CORPORATION
INCORPORATED WEIGHTED AVERAGE COST OF CAPITAL (WACC)
(currencies in thousands)
<TABLE>
<CAPTION>
WEIGHTED AVERAGE COST OF CAPITAL (WACC)
- -----------------------------------------------------------------------------------------------------------------------------
WEIGHTED AVG.
AFTER-TAX COST OF
UNLEVERED DEBT/EQUITY RELEVERED COST OF EQUITY COST OF DEBT CAPITAL
BETA (BU) (D/E) BETA (BR) (RE) (RD)*(1-T) (WACC)
--------- ----------- --------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
US - Univar at Unlevered Beta of: 0.64 0.25 0.74 11.8% 5.0% 10.4%
Canada - Univar at Unlevered Beta of: 0.64 0.25 0.74 13.2% 5.1% 11.6%
Europe - Univar at Unlevered Beta of: 0.64 0.25 0.74 14.7% 5.2% 12.8%
</TABLE>
<TABLE>
<CAPTION>
UNLEVERED Beta (BU) BASED ON PUBLIC COMPARABLE COMPANIES
- --------------------------------------------------------------------------------------------------------------------------
MARKET VALUE ADJUSTED UNLEVERED
TICKER COMPANY NAME TOTAL DEBT OF EQUITY DEBT/EQUITY BETA (B) BETA (BU)
- ------ ------------ ---------- ------------ ----------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
ACET Aceto Corporation 2,291 77,839 0.03 0.50 0.49
EEV.L Ellis & Everard plc 31,400 246,680 0.13 0.54 0.50
HWKN Hawkins CHEMICAL, Inc. 628 93,939 0.01 0.81 0.81
BER Bearings, Inc. 130,025 337,674 0.39 0.35 0.28
MCK McKesson Corporation 752,800 2,031,571 0.37 0.72 0.59
NSSX National Sanitary Supply Co. 18,561 78,238 0.24 0.45 0.39
GWW W.W. Grainger. Inc. 34,467 3,446,987 0.01 0.77 0.77
Average 0.17 0.59 0.55
</TABLE>
<TABLE>
<CAPTION>
Current D+E
-----------
<S> <C> <C> <C> <C> <C> <C>
UVX Univar Corporation 480,130 211,155 268,976 0.79 0.80 0.45
Average Univar 480,130 97,159(a) 382,971(a) 0.25 0.80 0.64
</TABLE>
<TABLE>
<CAPTION>
FORMULAS ASSUMPTIONS
- ------------------------------------------------------------------------ ----------------------------------------------
<S> <C> <C> <C>
Unlevered Beta (BU) B/[I +(D/E)*( 1-T)]
Relevered Beta (BR) Bu * [I + (D/Er)*(l-T)] Cost of Debt (Rd) 8.10%
Cost of Equity (Re) Rf + Br*(Rm - Rf) Tax Rate (T) 38.00%
WACC [Rd*(l-T)*D/(D + E)] + [Re*E/(D + Ef)] U.S. Risk Free Rate of Return (Rf) 6.79%
Risk Premium (Rm - Rf) 6.79%
Canadian 10-Year Treasury 7.62%
Spread over Comparable U.S. Rate 0.83%
U.K. 10-Year Treasury 8.47%
Spread over Comparable U.S. Rate 1.68%
</TABLE>
(a) Based on average projected debt for fiscal years 1996 - 2002. Equity
based on current enterprise value.
<PAGE> 55
Univar Corporation
__________________________________________________________________________
DISCOUNTED CASH FLOW SENSITIVITY ANALYSIS
__________________________________________________________________________
SCHRODER WERTHEIM & CO.
INCORPORATED
<PAGE> 56
SCHRODER WERTHEIM & CO.
INCORPORATED
PROJECT EAGLE
SENSITIVITY ANALYSIS
VAN WATERS & ROGERS INC. GROSS MARGIN
<TABLE>
<CAPTION>
Consolidated Discounted Cash Flow Value per Share
-------------------------------------------------
Discount Rate Gross Profit
EBITDA ------------------------------- 1996 - 2002
Case (a) Multiple Low Average High CAGR
------------------------------- -------- ------- ---------- ----- -----------
<S> <C> <C> <C> <C> <C>
Base Case
5.0x $21.35 $18.96 $16.82 7.2%
6.0x 24.96 22.22 19.77
7.0x 28.57 25.47 22.71
Gross Margin Decreased by 0.25%
5.0x $20.41 $18.09 $16.02 6.9%
6.0x 23.92 21.26 18.88
7.0x 27.42 24.42 21.74
Gross Margin Decreased by 0.50%
5.0x $19.47 $17.22 $15.21 6.6%
6.0x 22.87 20.29 17.99
7.0x 26.28 23.37 20.77
Gross Margin Decreased by 0.75%
5.0x $18.52 $16.35 $14.40 6.3%
6.0x 21.82 19.33 17.10
7.0x 25.13 22.31 19.80
Gross Margin Decreased by 1.0%
5.0x $17.58 $15.47 $13.59 6.0%
6.0x 20.78 18.36 16.21
7.0x 23.98 21.25 18.82
</TABLE>
- ----------------------------
(a) Gross margin reductions are made each year relative to the annual Base Case
gross margin assumptions.
<PAGE> 57
Univar Corporation
- --------------------------------------------------------------------------------
DISCOUNTED VALUE OF FUTURE ESTIMATED STOCK PRICES
BASED ON CURRENT P/E MULTIPLES
- --------------------------------------------------------------------------------
SCHRODER WERTHEIM & CO.
- -----------------------
INCORPORATED
<PAGE> 58
SCHRODER WERTHEIM & CO.
- -----------------------
INCORPORATED
PROJECT EAGLE
VALUATION SUMMARY BASED ON P/E MULTIPLES
BASE CASE
(dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Pro Forma Year Ended February 28,
Current ---------------------------------
Multiple of 1997 1998
1997 EPS ------------- -------------
-----------
<S> <C> <C> <C>
Future Value of Total Equity 14.0x 326,253 481,210
Based on P/E Multiple of: 15.0x 349,557 515,582
16.0x 372,861 549,954
Future Value of Equity per Share 14.0x $14.75 $21.36
Based on P/E Multiple of: 15.0x 15.74 22.82
16.0x 16.73 24.29
Present Value of Equity per Share (Fully Diluted) (a) 14.0x $14.75 $18.90
Based on 13.0% Discount Rate 15.0x 15.74 20.20
16.0x 16.73 21.49
Present Value of Equity per Share (Fully Diluted) (a) 14.0x $14.75 $18.57
Based on 15.0% Discount Rate 15.0x 15.74 19.85
16.0x 16.73 21.12
Present Value of Equity per Share (Fully Diluted) (a) 14.0x $14.75 $18.25
Based on 17.0% Discount Rate 15.0x 15.74 19.51
16.0x 16.73 20.76
</TABLE>
(a) Present Values as of May 31, 1996.
<PAGE> 59
Univar Corporation
- --------------------------------------------------------------------------------
LEVERAGED BUYOUT ANALYSIS OF
UNIVAR CORPORATION
SCHRODER WERTHEIM & CO.
- -----------------------
INCORPORATED
<PAGE> 60
SCHRODER WERTHEIM & CO.
- -----------------------
INCORPORATED
PROJECT EAGLE
TRANSACTION SUMMARY
LBO CASE
(in thousands, except per share data)
<TABLE>
<CAPTION>
USES OF FUNDS
- ---------------------------------------------------------------
Amount Percent
-------- -------
<S> <C> <C>
Share Repurchase 332,737 60.0%
Special Dividend 0 0.0%
Retirement of Existing Debt 209,920 37.9%
Cash 0 0.0%
Transaction Costs 11,767 2.1%
-------- -------
$554,425 100.0%
======== =======
</TABLE>
<TABLE>
<CAPTION>
SOURCES OF FUNDS
- ---------------------------------------------------------------
Amount Percent
-------- -------
<S> <C> <C>
Cash $ 14,053 2.5%
Revolver 0 0.0%
Term Loan 166,327 30.0%
New Senior Debt 225,892 40.7%
New Senior Subordinated Debt 0 0.0%
Dow Preferred 0 0.0%
Retirement of Dow Put Option 9,546 1.7%
Net Proceeds from Divestitures 0 0.0%
New Equity 138,606 25.0%
-------- -------
$554,425 100.0%
======== =======
</TABLE>
<TABLE>
<CAPTION>
TRANSACTION COSTS
- ---------------------------------------------------------------
Amount Rate
-------- -------
<S> <C> <C>
Term Loan Issuance Costs $ 1,663 1.0%
Sr. Notes Issuance Costs 6,777 3.0%
Sr. Sub. Notes Issuance Costs 0 3.0%
Preferred Stock Issuance Costs 0 3.0%
Common Stock Issuance Costs 0 0.0%
Divesture Costs 0 1.0%
Other Costs/Expenses 3,327
--------
Total Transaction Costs $11,767
</TABLE>
<TABLE>
<CAPTION>
SHARE REPURCHASE / LBO ASSUMPTIONS
- ---------------------------------------------------------------
<S> <C>
Current UVX Price $12,375
Acquisition Premium 21.2%
-------
Share Repurchase Price $15,000
Total Shares Repurchased 21,735
Value of Exercised Options $6,706
-------
Aggregate Purchase Price $332,737
=======
</TABLE>
<TABLE>
<CAPTION>
GOODWILL/TREASURY STOCK CALCULATION
- ---------------------------------------------------------------
<S> <C>
Total Share Repurchase Price $332,737
Less: Book Value (179,607)
Less: Net Deferred Taxes (8,903)
Plus: Existing Goodwill 0
Less: Asset Write-Up 0
--------
Total Goodwill $144,227
========
Amortization Expense $ 7,211
</TABLE>
<TABLE>
<CAPTION>
ASSUMPTIONS
- ---------------------------------------------------------------
<S> <C>
Minimum Cash Balance $5,000
Interest Rates
Cash 5.0%
Existing Debt 7.0%
Revolver 7.0%
Term Loan 8.0%
New Senior Notes 11.0%
Goodwill Amortization Term 20 years
Use Excess Cash in 1996? Yes
Common Dividends % of Net Inc. 30.0%
Exercise Dow Put? Yes
Divest Canada? No
Divest Europe? No
U.S. Sales Deflator 0.0%
</TABLE>
<TABLE>
<CAPTION>
DIVESTITURE ASSUMPTIONS
- ---------------------------------------------------------------
<S> <C>
Gross Proceeds from Canada Sale $0
Gross Proceeds from Europe Sale 0
--------
Total Gross Proceeds 0
Less: Basis of Subsidiaries Sold 0
--------
Gain on Sale 0
Taxes at 35.0% 0
--------
After Tax Gain 0
--------
Net Proceeds $0
========
</TABLE>
<PAGE> 61
SCHRODER WERTHEIM & CO.
- -----------------------
INCORPORATED
PROJECT EAGLE
FINANCIAL SUMMARY
LBO CASE
(dollars in thousands)
<TABLE>
<CAPTION>
Projected Year Ended February 28,
Actual Pro Forma ------------------------------------
SUMMARY INCOME STATEMENT DATA 1996 1996 1997 1998 1999
- ------------------------------ ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Revenue
Consolidated $2,037,674 $2,037,674 $2,213,512 $2,380,730 $2,533,284
Van Waters & Rogers Inc. &
Corporate 1,276,709 1,276,709 1,344,041 1,450,100 1,537,106
Van Waters & Rogers Ltd. 401,338 401,338 419,961 445,159 471,869
Univar Europe 359,627 359,627 449,510 485,471 524,309
EBITDA
Consolidated $55,831 $55,831 $84,871 $101,512 $121,596
Van Waters & Rogers Inc. &
Corporate 18,943 18,943 39,700 50,171 63,658
Van Waters & Rogers Ltd. 21,645 21,645 23,632 25,723 27,965
Univar Europe 15,243 15,243 21,539 25,618 29,973
EBIT
Consolidated $26,695 $19,484 $45,879 $61,948 $82,712
Van Waters & Rogers Inc. &
Corporate (3,142) (10,354) 9,211 19,210 33,477
Van Waters & Rogers Ltd. 18,935 18,935 20,559 22,650 24,892
Univar Europe 10,903 10,903 16,109 20,088 24,343
<CAPTION>
Projected Year Ended February 28,
------------------------------------
SUMMARY INCOME STATEMENT DATA 2000 2001 2002
---------- ---------- ----------
<S> <C> <C> <C>
Revenue
Consolidated $2,675,677 $2,810,310 $2,952,387
Van Waters & Rogers Inc. &
Corporate 1,613,961 1,678,520 1,745,660
Van Waters & Rogers Ltd. 495,462 520,235 546,247
Univar Europe 566,254 611,554 660,479
EBITDA
Consolidated $133,736 $143,488 $156,694
Van Waters & Rogers Inc. &
Corporate 69,024 72,513 77,196
Van Waters & Rogers Ltd. 29,841 31,832 34,136
Univar Europe 34,871 39,143 45,363
EBIT
Consolidated $95,053 $105,245 $118,352
Van Waters & Rogers Inc. &
Corporate 39,144 43,173 47,856
Van Waters & Rogers Ltd. 26,768 28,759 31,063
Univar Europe 29,141 33,313 39,433
</TABLE>
<PAGE> 62
SCHRODER WERTHEIM & CO.
- -----------------------
INCORPORATED
PROJECT EAGLE
FINANCIAL SUMMARY
LBO CASE
(dollars in thousands)
<TABLE>
<CAPTION>
Projected Year Ended February 28,
Actual Pro Forma --------------------------------------------------------------------
SUMMARY BALANCE SHEET 1996 1996 1997 1998 1999 2000 2001 2002
- ------------------------------- -------- --------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Cash & Cash Equivalents $19,053 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
Working Capital 133,499 133,499 125,669 137,690 145,533 152,105 158,654 167,154
Capital Expenditures 19,405 19,405 43,466 20,962 18,297 18,641 18,996 18,996
Short-Term Debt 77,108 0 0 0 0 0 0 0
Revolver 0 0 21,603 37,555 32,939 17,746 0 0
Term Loan 0 166,327 133,062 99,796 66,531 33,265 0 0
Existing Debt 132,812 0 0 0 0 0 0 0
Senior Notes 0 225,892 225,892 225,892 225,892 225,892 220,249 153,435
-------- -------- -------- -------- -------- -------- -------- --------
Total Debt $209,920 $392,220 $380,557 $363,343 $325,362 $276,904 $220,249 $153,435
======== ======== ======== ======== ======== ======== ======== ========
Common Equity 179,607 136,384 135,824 144,829 168,245 201,713 244,438 299,540
COVERAGE-RATIOS
- -------------------------------
EBITDA/Interest Expense 3.7x 1.5x 2.3x 2.8x 3.6x 4.4x 5.4x 7.6x
EBITDA - CapEx/Interest Expense 2.4x 1.0x 1.6x(a) 2.2x 3.0x 3.8x 4.7x 6.7x
LEVERAGE RATIOS
- -------------------------------
Total Debt/ EBITDA 3.8x 7.0x 4.5x 3.6x 2.7x 2.1x 1.5x 1.0x
Total Debt/ Total Cap +
Short-Term Debt 53.9% 74.2% 73.7% 71.5% 65.9% 57.9% 47.4% 33.9%
Net Debt/ Total Cap +
ST Debt - Cash 51.5% 74.0% 73.4% 71.2% 65.6% 57.4% 46.8% 33.1%
</TABLE>
(a) Excludes $18 million for the Chicago Facility.
<PAGE> 63
SCHRODER WERTHEIM & CO.
- -----------------------
INCORPORATED
PROJECT EAGLE
LBO RETURNS ANALYSIS
(dollars in thousands)
<TABLE>
<CAPTION>
Projected Year Ended February 28,
Equity -------------------------------------------------------- Internal Rate
2000 EXIT SCENARIO Investment 1997 1998 1999 2000 2001 2002 of Return
- ------------------------------- ---------- ----- ----- ----- ----- ----- ----- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EBITDA Exit Multiple 5.0x ($138,606) $0 $0 $0 $391,775 29.7%
6.0x (138,606) 0 0 0 525,510 39.5%
7.0x (138,606) 0 0 0 659,246 47.7%
2001 EXIT SCENARIO
- -------------------------------
EBITDA Exit Multiple 5.0x ($138,606) $0 $0 $0 $0 $497,190 29.1%
6.0x (138,606) 0 0 0 0 640,678 35.8%
7.0x (138,606) 0 0 0 0 784,165 41.4%
2002 EXIT SCENARIO
- -------------------------------
EBITDA Exit Multiple 5.0x ($138,606) $0 $0 $0 $0 $0 $630,037 28.7%
6.0x (138,606) 0 0 0 0 0 786,731 33.6%
7.0x (138,606) 0 0 0 0 0 943,426 37.7%
</TABLE>
<PAGE> 1
EXHIBIT 99(d)(9)
This announcement is neither an offer to purchase nor a solicitation of an offer
to sell Shares. The Offer is made solely by the Offer to Purchase, dated
June 7, 1996 and the related Letter of Transmittal, and is not being
made to (nor will tenders be accepted from or on behalf of)
holders of Shares in any jurisdiction in which the
making of the Offer or the acceptance
thereof would not be in compliance
with the laws of such
jurisdiction.
NOTICE OF OFFER TO PURCHASE FOR CASH
ALL OUTSTANDING COMMON SHARES
OF
UNIVAR CORPORATION
AT
$19.45 NET PER SHARE
BY
UC ACQUISITION CORP.
AN INDIRECT SUBSIDIARY OF
ROYAL PAKHOED N.V.
UC Acquisition Corp., a Washington corporation ("Buyer"), which is an
indirect subsidiary of Royal Pakhoed N.V. (a translation of Koninklijke Pakhoed
N.V.), a publicly held limited liability company formed under the laws of The
Netherlands ("Parent"), is offering to purchase all outstanding common shares
(the "Shares"), of Univar Corporation, a Washington corporation (the
"Company"), at a price of $19.45 per Share, net to the seller in cash (the
"Offer Price"), upon the terms and subject to the conditions set forth in the
Offer to Purchase dated June 7, 1996 (the "Offer to Purchase") and in the
related Letter of Transmittal (which, together with any amendments or
supplements thereto, collectively constitute the "Offer").
The purpose of the Offer is to enable Parent to acquire control of, and
the entire equity interest in, Company. The Offer is the first step in the
acquisition of all the Shares of Company.
- --------------------------------------------------------------------------------
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 8:00 P.M., NEW YORK CITY TIME,
ON MONDAY, JULY 15, 1996, UNLESS THE OFFER IS EXTENDED.
- --------------------------------------------------------------------------------
THE OFFER IS CONDITIONED UPON, AMONG OTHER THINGS, (i) THERE BEING
VALIDLY TENDERED AND NOT WITHDRAWN PRIOR TO THE EXPIRATION DATE (AS DEFINED IN
THE OFFER TO PURCHASE) THAT NUMBER OF SHARES THAT WOULD, WHEN AGGREGATED WITH
THE SHARES ALREADY OWNED BY BUYER AND ITS AFFILIATES, REPRESENT A MAJORITY OF
ALL OUTSTANDING SHARES ON THE DATE OF PURCHASE, AND (ii) ALL GOVERNMENTAL
APPROVALS (AS DEFINED IN THE OFFER TO PURCHASE) FOR THE OFFER HAVING BEEN
OBTAINED OR WAIVED BY PARENT AND BUYER AND APPLICABLE LAWS COMPLIED WITH.
For purposes of the Offer, Buyer will be deemed to have accepted for
payment, and thereby purchased, Shares properly tendered to Buyer and not
withdrawn as, if and when Buyer gives oral or written notice to Chemical Mellon
Shareholder Services, LLC (the "Depositary"), of Buyer's acceptance for
payment of such Shares. Upon the terms and subject to the conditions of the
Offer, payment for Shares accepted for payment pursuant to the Offer will be
made by deposit of the Offer Price therefor with the Depositary, which will act
as agent for tendering shareholders for the purpose of receiving payment from
Buyer and transmitting payment to tendering shareholders. In all cases,
payment for Shares accepted for payment pursuant to the Offer will be made only
after timely receipt by the Depositary of: (i) certificates for (or a timely
Book-Entry Confirmation (as defined in the Offer to Purchase)) with
<PAGE> 2
respect to such Shares, (ii) a Letter of Transmittal (for facsimile thereof),
properly completed and duly executed, with any required signature guarantees,
or, in the case of a book-entry transfer, an Agent's Message (as defined in the
Offer to Purchase), and (iii) any other documents required by the Letter of
Transmittal. In the event the Offer is extended beyond July 31, 1996, the Offer
Price shall be increased by an amount equal to the product of the Offer Price
multiplied by the prime interest rate as announced by Bank of America NW, N.A.
(doing business as Seafirst Bank) in Seattle, Washington as in effect on August
1, 1996, multiplied by the quotient of the number of days that the Offer is
extended after July 31, 1996, divided by three hundred and sixty-five (365).
EXCEPT IN THE CASE OF AN EXTENSION OF THE OFFER BEYOND JULY 31, 1996, UNDER NO
CIRCUMSTANCES WILL INTEREST BE PAID ON THE OFFER PRICE OF THE SHARES TO BE PAID
BY BUYER.
Except as otherwise provided below, tenders of Shares are irrevocable.
Shares tendered pursuant to the Offer may be withdrawn at any time prior to the
Expiration Date and, unless theretofore accepted for payment and paid for by
Buyer pursuant to the Offer, may also be withdrawn at any time after August 6,
1996 or such later date if the Offer is extended in accordance with its terms.
For a withdrawal to be effective, a written, telegraphic or facsimile
transmission notice of withdrawal must be timely received by the Depositary at
one of its addresses as set forth in the Offer to Purchase and must specify the
name of the person having tendered the Shares to be withdrawn, the number of
Shares to be withdrawn and the name of the registered holder of the Shares to
be withdrawn, if different from the name of the person who tendered the Shares.
If certificates for Shares have been delivered or otherwise identified to the
Depositary, then, prior to the physical release of such certificates, the
serial numbers shown on such certificates must be submitted to the Depositary
and, unless such Shares have been tendered by an Eligible Institution (as
defined in the Offer to Purchase), the signatures on the notice of withdrawal
must be guaranteed by an Eligible Institution. If Shares have been delivered
pursuant to the procedure for book-entry transfer as set forth in the Offer to
Purchase, any notice of withdrawal must also specify the name and number of the
account at the appropriate Book-Entry Transfer Facility (as defined in the
Offer to Purchase) to be credited with the withdrawn Shares and otherwise
comply with such Book-Entry Transfer Facility's procedures. Withdrawals of
tenders of Shares may not be rescinded, and any Shares properly withdrawn will
thereafter be deemed not validly tendered for any purposes of the Offer.
However, withdrawn Shares may be retendered by again following one of the
procedures described in the Offer to Purchase at any time prior to the
Expiration Date. All questions as to the form and validity (including time of
receipt) of notices of withdrawal will be determined by Buyer in its sole
discretion, which determination will be final and binding.
Buyer expressly reserves the right to extend the period of time during
which the Offer is open to not later than August 31, 1996, if (i) any
Governmental Approvals (as defined in the Offer to Purchase) shall have not been
obtained by July 31, 1996, or (ii) by July 26, 1996, less than 80% of the
outstanding shares have been tendered for purchase pursuant to the Offer, and
Buyer reasonably believes that 80% or more of the Shares will be tendered if the
Expiration Date of the Offer is extended to not later than August 31, 1996.
Buyer can extend the Offer by giving oral or written notice of such extension to
the Depositary.
The information required to be disclosed by paragraph (e)(l)(vii) of
Rule 14d-6 under the Securities Exchange Act of 1934, as amended, is contained
in the Offer to Purchase and is incorporated herein by reference.
Company has provided Buyer, the Depositary and the Information Agent
with Company's shareholder list and security listings for the purpose of
disseminating the Offer to holders of Shares. The Offer to Purchase, the
related Letter of Transmittal and other relevant materials will be mailed to
record holders of Shares, and will be furnished to brokers, dealers, banks,
trust companies and similar persons whose names, or the names of whose
nominees, appear on the shareholder lists, or, if applicable, who are listed as
participants in a clearing agency's security position listing, for subsequent
transmittal to beneficial owners of Shares.
THE OFFER TO PURCHASE AND THE LETTER OF TRANSMITTAL CONTAIN IMPORTANT
INFORMATION THAT SHOULD BE READ BEFORE ANY DECISION IS MADE WITH RESPECT TO THE
OFFER.
Questions and requests for assistance or for copies of the Offer to
Purchase, the Letter of Transmittal and other tender offer documents may be
directed to the Information Agent, as set forth below, and copies will be
furnished at Buyer's expense. No fees or commissions will be payable to brokers,
dealers or other persons other than the Information Agent for soliciting
tenders of Shares pursuant to the Offer.
The Information Agent for the Offer is:
D. F. KING & CO., INC.
77 Water Street
New York, New York 10005
Banks and Brokers Call Collect (212) 269-5550
All others Call Toll Free 1-800-735-3591
June 7, 1996
