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Gold/Mining/Energy : Shearhart Corporation (SHW) Home and Rural -- Ignore unavailable to you. Want to Upgrade?

To: Conky Lives! who wrote (81)	3/14/2000 4:25:00 PM
From: Conky Lives!	Read Replies (1) \| Respond to of 86

Shearheart advises tendering to Midnorthern offer Shearhart Corporation SHW Shares issued 9,011,360 2000-03-13 close $1.4 Tuesday Mar 14 2000 Mr. Robert Shearhart reports Certain conditions under the lock-up agreement between Midnorthern Appliance Inc. and certain shareholders of Shearhart, previously announced in December, 1999, have been satisfied. Pursuant to the lock-up agreement, the holders of 66.4 per cent of Shearhart's outstanding shares agreed to tender their shares to a formal takeover bid for 100 per cent of the issued and outstanding common shares of Shearhart at a purchase price of $1.58 per share payable in cash. Under the lock-up agreement, Midnorthern was required to satisfy the selling shareholders that Midnorthern would have available to it sufficient funds to complete its takeover bid. The deadline for providing such information was extended to March 10, 2000. Shearhart was advised earlier today by Midnorthern and the parties to the lock-up agreement that this condition has been met. Midnorthern and Shearhart anticipate that Midnorthern will mail its offer to shareholders on March 24, 2000, together with a recommendation from Shearhart's board of directors that shareholders accept Midnorthern's offer. Midnorthern's offer will be conditional upon at least 90 per cent of the outstanding shares of Shearhart being deposited and not withdrawn from the offer. Shearhart has engaged the investment banking firm of Global Capital Partners Inc. with respect to this transaction.