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Non-Tech : U S FILTER (USF) A Water Stock !
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To: Brad Ruffin who wrote (73)9/17/1997 11:07:00 PM
From: Carl R.   of 361
 
NEW YORK, Sept 17 (Reuter) - Water treatment company U.S.Filter Corp said Wednesday it would launch a cash offer for Australia-based Memtec Ltd valued at US$330 million, or US$30 per share. U.S. Filter said it already owns about 4.9 percent, or 534,600 shares of Memtec. In a news release, U.S. Filter said the offer is conditional on several factors, including its winning more than 50 percent of Memtec shares on a diluted basis by the time the offer expires. It plans to keep the offer open for one month after mailing documents in early October. Other conditions include: no decline of more than 15 percent in the Dow Jones Industrial Average, the Standard & Poor's 500 or the ASX All Ordinaries Indices; no material adverse change regarding the Memtec business; and no action taken by another party to block the offer. Under the offer, Memtec shareholders can choose to receive payment in U.S. or Australian dollars. The offer is subject to regulatory and government approvals in the U.S. and Australia.

Memtec sells products to purification markets and has major U.S. facilities in California, Florida and Maryland. Memtec could not immediately be reached for comment. REUTER Rtr 19:40 09-17-97

Note: The symbol for Memtec is MMTCY.O
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