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
Date of Report (Date of earliest event reported) October 28, 1996
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Payco American Corporation
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(Exact name of registrant as specified in its charter)
Wisconsin 0-5589 39-1133219
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
180 N. Executive Dr. Brookfield, Wisconsin 53005
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(Address of principal executive officers) (Zip Code)
Registrant's telephone number, including area code 414-784-9035
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None
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
The Registrant announced in a press release dated October 28, 1996 that
its shareholders approved the previously announced Agreement and Plan of
Merger among the Registrant (Payco American Corporation), Outsourcing
Solutions Inc. (formerly OSI Holdings Corp.) and Boxer Acquisition Corp.
Under the terms of the Agreement, upon the merger becoming effective each
share of the Registrant's common stock will be converted into the right to
receive $14.00 in cash, without interest and less any applicable withholding
taxes. The parties presently intend to close the transaction on November 6,
1996.
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.
PAYCO AMERICAN CORPORATION
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(Registrant)
Date: November 5, 1996 DAVID S. PATTERSON
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David S. Patterson, Chief
Operating Officer
