CHICAGO, Oct. 28 /PRNewswire/ -- Burns International Services Corporation
(NYSE: BOR) announced today that it has been notified by Merrill Lynch Capital
Partners, Inc. ("MLCP"), the manager of the MLCP leveraged buyout fund, that
the fund intends to distribute to its partners the Burns common stock
currently owned by the fund. The distribution value will be based on today's
closing price for Burns common stock and MLCP expects to complete the
distribution within the next 30 days. The MLCP fund acquired its interest in
Burns as part of the 1987 buyout of Borg-Warner Corporation. The distribution
is consistent with the previously announced intention of MLCP to wind up its
remaining portfolio investments in the ordinary course.
The MLCP fund currently owns 3,217,532 Burns shares representing
approximately 16.4% of the outstanding common stock. The general partner of
the MLCP fund, which will receive approximately 412,300 shares in the
distribution (based on an estimated Burns share price of $12.375), has agreed,
subject to certain conditions, to hold its shares until April 15, 2000. A
Merrill Lynch affiliate directly owning 788,892 shares outside the MLCP fund
will not be part of the distribution but has also agreed to comply with the
holdback arrangement. Other Merrill Lynch affiliates directly owning
1,054,684 additional shares outside the MLCP fund will not be a part of the
distribution or the holdback. (Merrill Lynch affiliates directly own a total
of 1,843,576 Burns shares outside the MLCP fund.)
Messrs. Michas, Burke and Fitzgibbons, formerly representatives of MLCP in
connection with its investment in Burns, will remain on Burns' board of
directors as independent directors at the company's request.
Chicago-based Burns International Services Corporation is North America's
largest provider of physical security and related services with 75,000
employees and more than 300 offices throughout the United States, Canada, the
United Kingdom, Ireland and Colombia. The company offers a complete range of
security solutions involving armed and unarmed physical security, foot and
vehicle patrol, access control and monitoring, background and drug screening,
investigative services, contract staffing, and other specialized security and
support services.
SOURCE Burns International Services Corporation
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Related links:
http://www.Burnsinternational.com
Company News On-Call:
http://www.prnewswire.com/comp/120940.html or fax,
800-758-5804, ext. 120940
CONTACT:
Anne Ireland of Burns International Services
Corporation, 312-322-8550, or Jonathan Humphreys of Merrill
Lynch, 212-449-2107
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