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Three Cities Research, Inc.
650 Madison Avenue
New York, New York 10022
August 11, 2000
Company contact: W. Robert Wright II, (212) 605-3217
For Immediate Release
THREE CITIES ACQUIRES BUSINESS RESOURCE GROUP SHARES
NEW YORK, NEW YORK, August 11, 2000--Three Cities Research, Inc. and
Business Resource Group, Inc. today announced that an investment group advised
by Three Cities Research has accepted the shares of Business Resource Group
common stock which were tendered in response to the investment group's $9.25 per
share tender offer.
A total of 4,935,859 shares, representing 92.8% of Business Resource
Group's stock, was tendered in response to the tender offer, which expired at
5:00 Eastern Standard Time on August 11, 2000. In addition, two officers of
Business Resource Group exchanged 319,168 Business Resource Group shares for
interests in the entity through which the Three Cities investors will own
Business Resource Group. This will bring the Three Cities group's ownership to
98.8%.
Three Cities expects to complete shortly a merger of Business Resource
Group into the Three Cites acquisition entity. In the merger, Business Resource
Group stockholders other than the Three Cities investors will receive the same
$9.25 per share in cash that is being paid to shareholders who tendered their
shares in response to the tender offer. Following the merger, Business Resource
Group will be wholly owned by the Three Cities investor group.
Completion of the tender offer had been conditioned on expiration or
termination of waiting periods under the Hart Scott Rodino Antitrust
Improvements Act. The waiting periods were terminated on August 4.
Business Resource Group provides comprehensive, single-sourced
workspace product and service solutions specializing in the cost-effective
management of change in business facilities.
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