CONTACT: Dan King, Vice President of Finance and Administration
The Cherry Corporation
(847) 360-3541 FOR IMMEDIATE RELEASE
CHERRY ANNOUNCES COMPLETION OF MERGER
WAUKEGAN, IL. (July 17, 2000) - The Cherry Corporation (Nasdaq - CHER) announced
today that CABO Acquisition Corp ("CABO") has successfully merged with and into
The Cherry Corporation, effective at the close of business on July 17, 2000.
Pursuant to the merger, each share of The Cherry Corporation common stock not
purchased in the completed tender offer by CABO Acquisition Corp. for all
outstanding shares of common stock of The Cherry Corporation, other than shares
held by CABO Acquisition Corp. and dissenting stockholders who exercise
appraisal rights under Delaware law, has been converted into the right to
receive $26.40 in cash. Payment of such amount will be made upon presentation of
certificates representing shares of The Cherry Corporation common stock to the
transfer agent for the merger, together with a properly completed letter of
transmittal. As a result of the merger, The Cherry Corporation is currently
wholly owned by the Cherry family members and is no longer publicly traded.
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. Additional information is available on the
Company's website at http://www.cherrycorp.com
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