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This little engine looks promising: Thursday March 25, 8:01 am Eastern Time SOURCE: JMC Group, Inc.; Fechtor, Detwiler & Co., Inc. JMC Group, Inc. and Fechtor, Detwiler & Co., Inc. Agree to Pursue Merger SAN DIEGO and BOSTON, March 25 /PRNewswire/ -- JMC Group, Inc. (''JMCG'') (Nasdaq: JMCGC; PCX: JMC) and privately held Fechtor, Detwiler & Co., Inc. (''FEDE''), a registered broker dealer, headquartered in Boston, Massachusetts, today announced an agreement in principle for a business combination of the two companies. The merger is subject to the execution of a definitive agreement, stockholder approval and regulatory approval, as well as completion of due diligence and receipt of a fairness opinion. The merger is intended to create an entity that will combine the financial services, including financial management, institutional and retail brokerage, trading, investment banking, computer/information systems of FEDE with the additional customer base, investment products and marketing management skills of JMCG. Under the terms of the proposed merger, FEDE stockholders will receive newly issued shares of JMCG. Following the transaction, it is anticipated that current JMCG stockholders will own approximately 48% of the newly merged company. The proposal is expected to be voted upon by stockholders of JMCG in June. James Mitchell, chairman and chief executive officer of JMCG, commented, ''JMCG has continued to pursue strategic alternatives to diversify our business and build stockholder value, and a merger with FEDE offers an opportunity to effectively achieve those goals.'' Terms of the merger are subject to the execution of a definitive agreement, expected in two to three weeks, and is anticipated to be a tax free reorganization. The merged company will be headquartered in Boston with operations in San Diego being expanded to better serve California and the West Coast markets. James Mitchell & Co., the operating subsidiary of JMCG, will be a wholly owned subsidiary of the combined company and will continue to be based in San Diego. The executives of both JMCG and FEDE will continue to be actively involved in the operations of the merged company. JMCG said its Annual Meeting, earlier scheduled for May 3, 1999, would probably be postponed to allow time for preparation and submission of proxy materials for stockholder voting on the proposed merger. SOURCE: JMC Group, Inc.; Fechtor, Detwiler & Co., Inc. Link to FEDE: fede.com They are MMs in the following securities: ADBE ADOBE SYSTEMS INC. . ALMI ALPHA MICROSYSTEMS ALTR ALTERA CP. AMAT APPLIED MATERIALS AMLJ AML COMMUNICATIONS ASAM ASAHI/AMERICA BRCM BROADCOM CORP CAER CAERE CORP. CBAK CREATIVE BAKERY CMGI C M G I INC CSCO CISCO SYS. INC. CSYI CIRCUIT SYSTEMS DELL DELL COMPUTER CORP. EBAY EBAY INC EXDS EXODUS COMM FXEN FX ENERGY GEER GEERLINGS & WADE HIFN HI/FN INC IMAT IMATRON INC. INKT INKTOMI CORP. INTC INTEL CP LEAP THE LEAP GROUP . LLTC LINEAR TECH. LORX LORONIX INFO SYS. MATT MATTHEWS STUDIO. MICN MICRION CORP MSFT MICROSOFT CP. MTRA METRA BIOSYSTEMS MWAR MICROWARE SYS. NETG NETGRAVITY INC. NITE KNIGHT/TRIMARK GROUP NOBH NOBILITY HOMES NOVL NOVELL INC. ORCL ORACLE CORP. OXGN OXIGENE INC. PMTI PALOMAR MED TECH PTEC PHOENIX TECHNOLOGIES PTEK PREMIERE TECH INC. RNWK REALNETWORKS INC. SEEK INFOSEEK CP. SEYE SIGNATURE EYEWEAR SPYG SPYGLASS INC. STCL SHARED TECH CELL TALK TEL-SAVE HLDGS TGLO THEGLOBE.COM TJCI PARAMARK ENTERPRISES TRND TRENDLINES INC VICR VICOR CORP. XCIT EXCITE INC. Announcement on merger/aquisition in 2-3 weeks...do your own DD. | ||||||||||||
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