MATTHEWS, N.C., Jan. 23 /PRNewswire/ -- PCA International, Inc.
(Nasdaq: PCAI) announced today the completion of the $2.50 per share cash
tender offer for all of the outstanding shares of American Studios, Inc.
(Nasdaq: AMST).
In the offer, which expired 12:00 midnight, New York City time, on January
22, 1997, a total of 20,333,508 shares of American Studios common stock were
tendered and accepted for payment (including 109,239 shares tendered subject
to notices of guaranteed delivery), representing approximately 95% of the
outstanding American Studios shares.
As previously announced, the remaining American Studios shares will be
converted into the right to receive $2.50 per share in cash in a merger
between American Studios and ASI acquisition Corp., a wholly owned subsidiary
of PCA.
SOURCE PCA Internatinal, Inc.
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CONTACT:
Bruce A. Fisher, Senior Vice President, Chief
Financial Officer, PCA International, Inc., 704-847-8011, Ext.
2404
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