NEW YORK, and WOODLAND HILLS, Calif., June 4 /PRNewsire/ -- The
stockholders of Panavision Inc. (NYSE: PVI) today approved the merger of a
subsidiary of Mafco Holdings Inc. into Panavision. The merger and related
recapitalization of Panavision were completed immediately thereafter. As a
result of the recapitalization, Panavision has approximately 8.0 million
shares of common stock outstanding, of which Mafco Holdings owns approximately
5.8 million, or about 72%. Prior to the recapitalization, Panavision had
about 19 million shares outstanding.
Under the terms of the transaction, Panavision stockholders could elect
either to retain their shares or exchange them for cash. Stockholders who
elected to exchange their shares for cash will receive, as a result of
proration, approximately $25.72 in cash and .0475 of a share in recapitalized
Panavision for each Panavision share formerly held. Funds for the Panavision
recapitalization totaled approximately $600 million.
Panavision Inc. is a leading designer and manufacturer of high-precision
film camera systems, comprising cameras, lenses and accessories for the motion
picture and television industries. Panavision systems are rented through its
domestic and international owned and operated facilities and agent network.
Mafco Holdings Inc. is a diversified private holding company. Among the
operating companies in which it owns a controlling interest are Revlon, Inc.;
Consolidated Cigar Corporation and California Federal Bank.
SOURCE Panavision Inc.
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