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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 23, 1996
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Wang Laboratories, Inc.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
1-5677 04-2192707
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(Commission File Number) (IRS Employer Identification No.)
600 Technology Park Drive, Billerica, Massachusetts 01821
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (508) 967-5000
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ITEM 5. OTHER EVENTS.
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On January 23, 1996 Wang Laboratories, Inc. ("Wang") announced that it
had reached an agreement to repurchase and retire all of the outstanding shares
of its 11% Exchangeable Preferred Stock for approximately $73 million
in cash.
Item 7. FINANCIAL STATEMENT AND EXHIBITS.
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<TABLE>
(c) Exhibits
<CAPTION>
Item Description
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<S> <C>
99. Press Release Announcing
Repurchase of Outstanding
11% Preferred Stock
</TABLE>
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WANG LABORATORIES, INC.
Dated: January 26, 1996 By: /s/ Albert A. Notini
_________________ _____________________
Albert A. Notini,
Senior Vice President,
General Counsel and
Secretary
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<TABLE>
EXHIBIT INDEX
<CAPTION>
Exhibit No. Description Page No.
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<S> <C> <C>
Item Description
- ---- -----------
99. Press Release Announcing
Repurchase of Outstanding
11% Preferred Stock
</TABLE>
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Exhibit 99
Contact:
Frank Ryan (508) 967-7038
Ed Pignone (508) 967-4912
WANG PLANS TO REPURCHASE OUTSTANDING 11 PERCENT
PREFERRED STOCK
Billerica, Mass. (January 23, 1996) -- Wang (NASDAQ:WANG) announced
today that it has reached an agreement to repurchase and retire all of the
outstanding shares of its 11 Percent Exchangeable Preferred Stock, at par, for
approximately $73 million in cash.
The retirement of the Exchangeable Preferred Stock will result
in a one-time charge reflecting the difference between the repurchase value and
the carrying value of the securities. This will not impact net income, but
will reduce the amount of net income applicable to common stockholders and
earnings per share.
Wang intends to fund the repurchase with proceeds from a new
Convertible Preferred Stock offering to be issued under Rule 144A. The
Convertible Preferred Stock will not be registered under the Securities Act of
1933 and may not be offered or sold in the United States absent registration or
an applicable exemption from registration requirements.
Wang is a recognized world leader in workflow, integrated imaging,
document management, and network storage management software for client/server
open systems and a major worldwide provider of integration and support services
for office software and networks.
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