DALLAS, June 12, /PRNewswire/ -- Global Industrial Technologies, Inc.
(NYSE: GIX) announced today that its cash tender offer for all of the
outstanding shares of common stock of A. P. Green Industries, Inc. (NYSE: APK)
has been extended to 5:00 p.m., EST, on Friday, June 26, 1998.
Global announced that it has been advised by Harris Trust and Savings
Bank, the Depositary for the tender offer, that as of 5:00 p.m., EST, on
Thursday, June 11, 1998, approximately 6.7 million shares of common stock of
A. P. Green had been validly tendered and not withdrawn, representing
approximately 83% of the outstanding shares of common stock of A. P. Green.
Global previously announced that it received a request for additional
information from the Federal Trade Commission on March 31, 1998. To resolve
concerns raised by the Staff of the Commission relating to the supply of
silica refractory materials, Global has made a proposal to the Commission
pursuant to which Global would agree to sell, on terms that would be subject
to prior Commission approval, the A P. Green silica refractory materials
business, including A. P. Green's silica refractory materials plant in Lehi,
Utah. Under Global's proposal, Global would be able to close its tender offer
for A. P. Green shares and sell the silica refractory materials business later
(with customary provisions in the event Global cannot sell the silica
refractory materials business in the time and on the terms that would be
specified.) Although Global believes that the Commission will find its
proposal acceptable, the Commission must review the proposal and decide
whether to accept it, and there can be no assurance that Commission approval
will be granted. Global understands that Commission review will occur over
the next few weeks.
Statements the Company may publish, including those in this announcement,
that are not strictly historical are "forward-looking" statements under the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Although the Company believes the expectations reflected in such
forward-looking statements are based on reasonable assumptions, it can give no
assurance that its expectations will be realized. Forward-looking statements
involve known and unknown risks which may cause the Company's actual results
and corporate developments to differ materially from those expected. Factors
that could cause results and developments to differ materially from the
Company's expectations include, without limitation, changes in manufacturing
and shipment schedules, delays in completing plant construction and
acquisitions, currency exchange rates, new product and technology
developments, competition within each business segment, cyclicity of the
markets for the products of a major segment, litigation, significant cost
variances, the effects of acquisitions and divestitures, and other risks
described from time to time in the Company's SEC reports including quarterly
reports on form 10-Q, annual reports on Form 10-K and reports on Form 8-K.
SOURCE Global Industrial Technologies, Inc.
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Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 422169
CONTACT:
Investor : George Pasley, V. P.
Communications, 214-953-4510, or Media: Larry Nance, Manager,
Corporate Relations/Public Affairs, 214-953-4518, both of Global
Industrial Technologies, Inc.
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