SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE
SECURITIES EXCHANGE ACT OF 1934
Filed by the Registrant { }
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Check the appropriate box:
{ } Preliminary Proxy Statement { } Confidential, for Use of the Commission
Only (as permitted by Rule 14a-6(e) (2))
{ } Definitive Proxy Statement
{x} Definitive Additional Materials
{ } Soliciting Material Pursuant to Section 240.14a-11 or Section 240.14a-12
HEI, Inc.
(Name of Registrant as Specified In Its Charter)
FANT INDUSTRIES INC.
(Name of Person(s) Filing Proxy Statement)
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{x} No fee required.
{ } Fee computed on table below per Exchange Act Rules 14a-6(i) (1) and 0-11.
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(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (Set forth the amount on which
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FANT INDUSTRIES INC.
2154 Highland Avenue
Birmingham, Alabama 35205
Phone: (205) 933-1030
For further information contact:
Anthony J. Fant
(205) 933-1030
Richard Grubaugh
Beacon Hill Partners, Inc.
(212) 843-8500
FOR IMMEDIATE RELEASE
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FANT INCREASES CASH TENDER OFFER TO $9.00 FOR HEI SHARES
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NEW YORK, NEW YORK - July 13, 1998 - Fant Industries Inc. announced today that
it has increased the price of its cash tender offer to $9.00 per share for 11.5%
of the Common Stock of HEI, Inc. (NASDAQ: HEII), a Minnesota corporation. The
offer represents a 38% premium over the closing price of HEI's stock on Friday,
July 10, 1998 and a 100% premium over the closing price on the day before
Anthony J. Fant began accumulating shares in December 1997.
"We believe this is a very strong offer," Mr. Fant said. "It is another tangible
demonstration of our commitment to HEI and our confidence in its future under
our leadership. We urge all shareholders to tender their shares and return their
GREEN proxy cards today. To take advantage of this cash premium and to
participate in the revitalization of HEI, shareholders must send in the GREEN
proxy cards. We will deliver value to shareholders on day one, and $9 per share
is where it begins."
The Fant Industries Inc. tender offer, proration period, and withdrawal rights
have been extended and will expire on Tuesday, August 4, 1998 at 12:00 midnight
New York City Time unless extended further. All shareholders whose shares are
validly tendered and not withdrawn and accepted for payment pursuant to the
offer, including shares previously tendered, will receive the increased price of
$9.00 per share. To date, approximately 1,485,000 shares of the Company's Common
Stock have been tendered.
R.J. Steichen & Co. is the Dealer Manager, and Beacon Hill Partners, Inc. is the
Information Agent.
