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Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: Wowzer who wrote (16906)	7/1/1999 3:03:00 PM
From: C	Read Replies (1) \| Respond to of 56532

Rory, For what its worth.............. messages.yahoo.com KREISLER MFG TO BE ACQUIRED FOR $25.5 MLN (The following is a reformatted version of a press release issued by Kreisler Manufacturing Corporation.) St. Petersburg, Florida July 1, 1999 - Edward L. Stern, President of Kreisler Manufacturing Corporation (NASDAQ-VRSL), announced today that Kreisler has executed a letter of intent to be acquired by Wood Group Gas Turbine Holdings, Inc., an indirect subsidiary of John Wood Group PLC, for $25.5 million, or approximately $12.25 per Kreisler share (assuming all outstanding options are exercised). The proposed transaction is subject to buyer's due diligence, negotiation and execution of a definitive agreement, various governmental filings (including Hart-Scott-Rodino and Exon-Florio), Kreisler's receipt of a fairness opinion, the preparation of a proxy statement and approval by Kreisler's shareholders, and other customary conditions. The letter of intent is not legally binding, except for certain customary provisions and a break-up fee under certain circumstances. Kreisler fabricates tube and manifold assemblies for use in aircraft and industrial gas turbine engines. Wood Group Gas Turbine Holdings, Inc. is part of the Gas Turbines division of international energy services company John Wood Group PLC. Wood Group Gas Turbines is a world leader in the provision of repair and overhaul services to industrial gas turbine users and the aero industry. On behalf of Kreisler, Mr. Stern stated "I am extremely enthusiastic about the proposed transaction. The Wood Group is an excellent company with a wonderful reputation throughout the world. I am most happy that if the transaction is completed, our shareholders will receive an extremely attractive price for their shares, one that is almost three times the recent market price. I look forward to working with the buyer to negotiate a definitive agreement and complete the transaction." On behalf of Wood Group Gas Turbine Holdings, Inc., Tom Motherwell, the Chairman and CEO, stated "We have worked with Kreisler for a number of years and believe that their activities fit very well within our Gas Turbine Division. Kreisler has many unique capabilities which we believe we can take to the aftermarket, the sector in which Wood Group Gas Turbines is focused. We really believe this acquisition would be good for Kreisler and good for Wood Group." Contact: Edward L. Stern, President 727 347-1144 (IM) PN -END- -0- (CRL) Jul/01/1999 12:14