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Non-Tech : APCO Automobile Protection Company
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To: Glenn Petersen who wrote (3344)6/27/1999 7:45:00 AM
From: Dana Merrill  Read Replies (1) of 3351
 
Just a second before you turn out the lights.

Can anyone clarify exactly what will happen to shares that are not tendered in this offer?

I had planned on voting NO, as I do not approve. However, I really didn't expect my NO vote to do much more than demonstrate my disagreement. I had assumed that I would be outvoted and my shares would automatically be included in the offer.

But, looking through the offer, it appears that shareholders will maintain ownership of non-tendered shares. It goes on to describe how the remaining shares get delisted from NASDAQ, and presumably become pretty much worthless (the worthless part is my conclusion). This is discussed in section 14 on pages 27 & 28 of the offer.

So, a couple of questions.

1) Is my interpretation of this correct? I.e., if I vote NO and the merger goes through, do I keep my shares?

2) If these shares continue to exist (whether marketable or not), what will they represent? Will they constitute ownership of some unidentifiable part of Ford?

Thanks

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