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PACIFIC SCIENTIFIC COMPANY
(Name of Registrant as Specified in its Charter)
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PACIFIC
SCIENTIFIC NEWS RELEASE
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Contact: Chuck Burgess or Joele Frank 620 Newport Center Drive, Suite 700
Abernathy MacGregor Frank Newport Beach, California 92660-8007
(212) 371-5999 (714) 720-1714 Fax (714) 720-1083
PACIFIC SCIENTIFIC SETS RECORD DATE FOR SPECIAL MEETING
NEWPORT BEACH, CALIFORNIA, January 12, 1998 - Pacific Scientific Company
(NYSE:PSX) said today that its Board of Directors has set Tuesday, January 20,
1998 as the record date for the special meeting of Pacific Scientific
shareholders expected to be held on February 13, 1998.
As previously announced, Kollmorgen Corporation (NYSE: KOL) is seeking to
acquire Pacific Scientific in an unsolicited transaction. The Pacific Scientific
Board has determined Kollmorgen's offer to be inadequate and not in the best
interests of Pacific Scientific and its shareholders.
The special meeting has been called by Kollmorgen to remove existing members of
Pacific Scientific's Board of Directors and to elect Kollmorgen's nominees to
the Board, in an attempt to further Kollmorgen's proposed transaction.
Kollmorgen has previously delivered to Pacific Scientific the consents of
holders of Pacific Scientific common stock stated by Kollmorgen to be sufficient
to call a special meeting of Pacific Scientific. Pacific Scientific has stated
that it will review the consents to determine whether they are valid under
applicable law.
Lester Hill, Chairman and Chief Executive Officer of Pacific Scientific, stated,
"The Board of Directors of Pacific Scientific continues to believe that the
Kollmorgen offer is not reflective of the value that has been created under the
strategic plan being implemented by our new management team. The fact that
Pacific Scientific's stock is trading at approximately $3.00 above the tender
offer price further underscores our investors' views of the inadequacy of the
Kollmorgen bid. The Board and management are continuing to work with our
financial advisor, BancAmerica Robertson Stephens, to explore various strategic
and other alternatives for maximizing shareholder value, which may include the
sale of the company or other extraordinary transaction involving the company."
Pacific Scientific Company is an international business that designs,
manufactures and markets motion control, process control and safety equipment.
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