DALLAS, June 26 /PRNewswire/ -- Global Industrial Technologies, Inc.
(NYSE: GIX) announced today that it is extending its cash tender offer for all
of the outstanding shares of common stock of A. P. Green Industries, Inc.
(NYSE: APK) until 5:00 p.m., EST, on Tuesday, June 30, 1998. Global has been
informed that the Federal Trade Commission has accepted for public comment the
proposal Global made to resolve concerns identified by the FTC Staff, as
described in Global's earlier release. The FTC has also granted early
termination of the Hart-Scott-Rodino waiting period applicable to Global's
purchase of shares of A. P. Green.
Global also 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 25, 1998, approximately 6.8 million shares of common stock of
A. P. Green had been validly tendered and not withdrawn, representing
approximately 84% of the outstanding shares of common stock of A. P. Green.
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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Related links:
http://www.prnewswire.com/gix
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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