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THE CHERRY CORPORATION
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CHERRY [Logo]
CONTACT: Dan King, Vice President of Finance and Administration
The Cherry Corporation
(847) 360-3541 FOR IMMEDIATE RELEASE
CHERRY SPECIAL COMMITTEE HIRES FINANCIAL
ADVISOR; CLASS ACTION LAWSUITS FILED REGARDING
BUYOUT PROPOSAL
WAUKEGAN, Ill., May 16 /PRNewswire/ -- The Cherry Corporation (Nasdaq: CHER -
news) today announced that the Special Committee of the Company's Board of
Directors, which was formed to evaluate a proposal for the acquisition by Peter
Cherry of all of the outstanding common stock of the Company not now owned by
Peter Cherry and his affiliates, has engaged Wasserstein Perella & Co., Inc., as
independent financial advisor to assist it in evaluating the proposal.
In April 2000, four class action lawsuits were filed in the Court of Chancery of
the State of Delaware, alleging, inter alia, breach of fiduciary duties on the
part of the directors of the Company in connection with Peter Cherry's proposal.
On May 9, 2000, another class action suit was filed in Delaware Chancery Court.
The Company believes these suits (which include requests for injunctions) are
premature and without merit.
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.
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