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[LETTERHEAD OF MACKENZIE PARTNERS, INC.]
NEWS RELEASE
CONTACT:
Stan Kay
MacKenzie Partners, Inc.
(212) 929-5940
FOR IMMEDIATE RELEASE:
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WYSER-PRATTE/SPEAR, LEEDS INCREASES REXENE STAKE TO 13.2%
TO MOVE FORWARD WITH DELAWARE ACTION TO CHANGE RECORD DATE
NEW YORK, NEW YORK, March 14, 1997 -- Guy P. Wyser-Pratte of Wyser-Pratte &
Co., Inc. and Fred Kambeitz of Spear, Leeds & Kellogg announced today that
during this week they had increased their stock ownership in Rexene Corporation
(NYSE: RXN) by 611,100 shares, bringing the group's stake to a total of
2,483,800 shares or approximately 13.2% of the Company.
Mr. Wyser-Pratte and Mr. Kambeitz also announced that the Rexene Corporation
Board of Directors has rejected a settlement offer to fix April 8 as the record
date for the Company's April 30, 1997 special meeting, and that as a result they
would move forward with a lawsuit to change the record date.
Mr. Wyser-Pratte and Mr. Kambeitz made the settlement proposal in a letter
delivered to the Rexene directors on March 7, just days after Wyser-Pratte/Spear
Leeds filed a complaint in Delaware Chancery Court seeking to move the record
date from April 18, the date set by management, to April 1.
Mr. Wyser-Pratte and Mr. Kambeitz commented, "We offered a reasonable compromise
- -- a record date of April 8 -- which was rejected in a letter delivered to us by
Rexene late Tuesday."
"We believe this is all too typical behavior," they continued, "for a board
which accuses us of wasting corporate assets by forcing Rexene to fight this
battle. Clearly this Board prefers the expense of litigation fought with
shareholder funds, rather than accepting an opportunity for a fair settlement on
behalf of all shareholders. The April 18 date set by management will only
disenfranchise shareholders and tilt the playing field in favor of incumbent
management. Because of the Board's rejection of our offer, we have no choice but
to promptly move forward with our lawsuit in Delaware."
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PARTICIPANT INFORMATION
Mr. Wyser-Pratte owns beneficially 1,369,700 shares of Rexene common stock
representing approximately 7.3% of the outstanding shares. Spear, Leeds &
Kellogg owns beneficially 1,114,100 shares
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Wyser-Pratte/Spear, Leeds
March 14, 1997
Page Two
of common stock, representing approximately 5.9% of the outstanding shares.
The nominees of Mr. Wyser-Pratte and Spear, Leeds & Kellogg for election at
the special meeting to the board of directors of Rexene are Messrs.
Mauch, Macey, McQuade and Pasman. Mr. McQuade own beneficially 2,000 shares of
Rexene common stock. Eric Longmire of Wyser-Pratte & Co.,Inc. and Werner Goeckel
are also participants. It is anticipated that Mr. Goeckel will be added to the
board of directors of Rexene after the special meeting. Mr. Goeckel owns
beneficially 4,200 shares of Rexene common stock.
