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
October 3, 1995
CULBRO CORPORATION
(Exact name of registrant as specified in charter)
Filing Fee #026093
New_York 1-1210 13-0762310
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
387_Park_Avenue_South,_New_York,_New_York 10016-8899
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212)_561-8700
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Item_5.__Other_Events.
The Registrant announced on September 27, 1995 that it had ended its
previously announced negotiations for Tabacalera, S.A. to acquire a 51%
interest in Registrant's General Cigar subsidiary for $100,000,000. See the
Press Release filed herewith as Exhibit Item 7(c)(1).
Item_7.__Financial_Statements_and_Exhibits.
(a)(1) N/A
(b) N/A
(c) Exhibits:
(1) Culbro Corporation Press Release, dated September 27,
1995.
<PAGE>
Exhibit 7(c)(1)
A. Ross Wollen
(212) 561-8714
CULBRO ENDS NEGOTIATIONS ON
GENERAL CIGAR CITING DIFFERENCE OVER GOVERNANCE
NEW YORK, NEW YORK (September 27, 1995) - Culbro Corporation
(NYSE: CUC) today announced that it had ended its previously announced
negotiations for Tabacalera, S.A. to acquire a 51% interest in Culbro's
General Cigar subsidiary for $100,000,000.
Culbro said the decision was based mainly on the parties' inability
to agree on governance issues. Without these matters resolved, Culbro said,
the parties might not have been able to achieve the international expansion
that was the underlying rationale for the proposed transaction.
Culbro said both parties had exhibited good faith throughout the
negotiations and that several alternative structures were discussed but found
to be unacceptable.
"We continue to believe that global expansion is an area that
represents significant opportunities for General Cigar, and plan to continue
exploring options that will lead us in that direction," said Edgar M.
Cullman, Chairman of Culbro.
Culbro said that at the same time it intends to examine alternatives
directed at the realization of some of the value in its cigar business, which
continues to experience a strong resurgence.
Culbro is a diversified corporation with interests in cigars,
labeling systems and packaging machinery, real estate and landscape nursery
stock. The Corporation also holds equity interests in businesses engaged in
wholesale distribution of tobacco, groceries and sundry consumer products,
and publishing in the United Kingdom.
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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.
CULBRO CORPORATION
By:/s/ A. ROSS WOLLEN
A. Ross Wollen
Senior Vice President
Secretary and General Counsel
Dated: October 3, 1995
