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THE CHERRY CORPORATION
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BUYOUT PROPOSAL FOR CHERRY CORPORATION
WAUKEGAN, Ill., April 24 /PRNewswire/ -- The Cherry Corporation (Nasdaq: CHER -
news) today announced that it has received a proposal from Peter Cherry for the
acquisition by Peter Cherry and affiliated trusts and entities of all of the
outstanding common stock not now owned by Mr. Cherry and his affiliates for
$18.75 per share in cash. Mr. Cherry and his affiliates currently beneficially
own approximately 5,500,000 shares of The Cherry Corporation common stock, or
about 54% of all outstanding Cherry common stock and have advised the Cherry
Corporation Board that they are not interested in selling their interests in the
Company to a third party. Peter Cherry is the Chairman and President of The
Cherry Corporation.
The Board of Directors of The Cherry Corporation has appointed a special
committee of the independent directors to consider and respond to the proposal.
The special committee has engaged Sidley & Austin as independent legal counsel
to assist it in evaluating the proposal and is in the process of retaining an
independent financial advisor.
The Cherry Corporation manufactures proprietary and custom electrical switches,
sensors, electronic keyboards and controls for the worldwide automotive,
computer, and consumer and commercial markets. The company has two operating
divisions in the United States and seven wholly owned subsidiaries in Germany,
England, France, Australia, Czech Republic, Mexico and Hong Kong. Cherry also
has 50-50 joint ventures in Japan, Hirose Cherry Precision Company Limited, and
in India, TVS Cherry Limited.
