<PAGE>
CONTACT: Dan King, Vice President of Finance and Administration
The Cherry Corporation
(847) 360-3541 FOR IMMEDIATE RELEASE
THE CHERRY CORPORATION ANNOUNCES COMMENCEMENT OF TENDER OFFER
WAUKEGAN, IL. (June 15, 2000) - The Cherry Corporation (Nasdaq - CHER)
announced today the commencement of the tender offer contemplated by the
Agreement and Plan of Merger with CABO Acquisition Corp., a company formed by
Peter Cherry and certain of his affiliates, which was announced on June 5,
2000. In the tender offer CABO Acquisition Corp. is offering to purchase for
$26.40 per share in cash all of the outstanding shares of The Cherry
Corporation's common stock other than shares owned by Mr. Cherry and certain
of his affiliates. The tender offer is being made pursuant to definitive
tender offer materials that will be distributed to the Company's stockholders
and filed with the Securities and Exchange Commission. The tender offer is
expected to remain open until July 13, 2000, unless extended, and will be
followed by a merger under which those shares not tendered will be converted
into the right to receive the same $26.40 per share in cash. The merger and
the closing of the tender offer is subject to the condition that the number
of shares tendered when combined with about 53% already owned by Peter Cherry
and certain of his affiliates will equal more than 67% of the shares of
common stock issued and outstanding.
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
THIS ANNOUNCEMENT IS NEITHER AN OFFER TO PURCHASE NOR A SOLICITATION OF AN
OFFER TO SELL SHARES OF THE CHERRY CORPORATION. CABO ACQUISITION CORP. HAS
FILED A TENDER OFFER STATEMENT WITH THE U.S. SECURITIES AND EXCHANGE
COMMISSION AND THE COMPANY HAS FILED A SOLICITATION/RECOMMENDATION STATEMENT
WITH RESPECT TO THE OFFER.
THE TENDER OFFER STATEMENT (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER
OF TRANSMITTAL AND OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION
STATEMENT CONTAIN IMPORTANT INFORMATION WHICH SHOULD BE READ CAREFULLY BEFORE
ANY DECISION IS MADE WITH
<PAGE>
RESPECT TO THE OFFER. THE OFFER TO PURCHASE, THE RELATED LETTER OF
TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS, AS WELL AS THE
SOLICITATION/RECOMMENDATION STATEMENT, WILL BE MADE AVAILABLE TO ALL
STOCKHOLDERS OF THE CHERRY CORPORATION, AT NO EXPENSE TO THEM. THE TENDER
OFFER STATEMENT (INCLUDING THE OFFER TO PURCHASE, THE RELATED LETTER OF
TRANSMITTAL AND ALL OTHER OFFER DOCUMENTS FILED WITH THE COMMISSION) AND THE
SOLICITATION/RECOMMENDATION STATEMENT ARE ALSO AVAILABLE AT NO CHARGE AT THE
COMMISSION'S WEBSITE AT WWW.SEC.GOV. THE COMMISSION'S ADDRESS IS 450 5TH
STREET N.W., WASHINGTON, D.C. 20549. THE TELEPHONE NUMBER OF THE PUBLIC
REFERENCE ROOM IS (202) 942-8090. COPIES OF THE MATERIALS WILL ALSO BE
AVAILABLE DIRECTLY FROM THE INFORMATION AGENT, MORROW & CO., INC.
STOCKHOLDERS CALL (800) 566-9061. BANKS AND BROKERAGE FIRMS CALL (800)
662-5200. OTHERS CALL COLLECT AT (212) 754-8000.
###
