billion dollar merger agreed

Alfa Lava1 names buyer at last

Billion dollar merger agreed

Johns Manville (JM) Cm-p, a building products and high efficiency filter

media manufacturers has entered into a dcfinitivr mcrgcr agrecmcnt with

an imestor group led by Hicks, Muse, Tate & Furst Inc and the merchant

banking unit of Hear Stearns Co Inc.

The deal valued at approximately US$3 billion i\ bawl on approxi-

mateI\ I 55 million shares, on a fully diluted basis, plus assumed liabilities

and rap~nscs. Under the tcrme of the agrccmcnt JM public sharcholdrr~

will rccci\c s 13.25 per share in cash and 13% preferred stock north

uound s 300 million, payable over a I2 year period The company has the

option to pa\ thr 1 3% dividend in additional preterrett stock or cash for

the fint seven wars, and then cas h thrrcaftcr. The company said the

investor group has prwidcd commitments for about s 565 million of

cquitb capital and has receinxl ctnnmitments for senior and subordinated

d&t financing aggregating ~2.35 billion through affiliates of Bear Stearm.

The acquisition, which is expected to close by the end of the year,

comes more than a yrar after JM put itself on the market.

JM, hcadquartcrcd in Dcnvcr, Cotorado, achirled sales of ~2.2 billion

in 1999, with approximateI\ 75% of it sates coming from the commrrciat

and industrial markets. It currently cmplo)-s around 97 000 people

.md opcratcs 56 manufacturing facilities in North America, Europe

and Chula.

BBA acquires nonwoven business

Vivendi spin-off

Sale will reduce debt

4 July/August 2000 Filtration+Separation