June 1 - ALDF Gala Benefit
The American Lyme Disease Foundation will hold its
annual benefit Thursday, June 1, 2000 beginning at
6:30 pm at The Pierre Hotel in New York City.
In observance of the 25th anniversary of the discovery
of Lyme disease and the ALDF's tenth anniversary, this
gala dinner dance will honor Allen C. Steere, M.D.,
discoverer of Lyme disease, author and film director
Michael Crichton, and former Governor of Massachusetts
William F. Weld.
Dinner co-chairs will include Evan G. Greenberg,
President and COO of the American International Group,
Emil W. Henry, Jr., Managing Director of Gleacher & Co.
LLC and Mortimer B. Zuckerman, Chairman of The
Join us for a festive and entertaining evening! For
more information and an invitation, please contact David
L. Weld, Executive Director of the ALDF at (914)
277-6970 Ext. 22 or by email at david...@aldf.com.
AMERICAN INTERNATIONAL GROUP:
American International Group, Inc. (AIG) is the
leading U.S.-based international insurance organisation.
Its member companies write property, casualty, marine, life and
Gleacher is a Financial Securities Trading Firm
ReSound Corporation Announces Definitive Agreement to be Acquired by
GN Great Nordic for $180 Million; Combined companies will be a market
leader in hearing health care
( Business Wire ) ; 05-10-1999
( BW)(CA-RESOUND)(RSND) ReSound Corporation Announces Definitive
Agreement to be Acquired by GN Great Nordic for $180 Million;
companies will be a market leader in hearing health care
Business Editors/Health & Medical Writers
REDWOOD CITY, Calif.--(BW HealthWire)--May 10, 1999--ReSound
Corporation (Nasdaq:RSND) and GN Great Nordic today announced the
execution of a definitive agreement whereby GN Acquisition
Corporation, a wholly-owned subsidiary of GN Great Nordic, would
purchase for cash all outstanding shares of ReSound common stock for
$8.00 per share. The board of directors of ReSound has unanimously
approved the transaction and resolved to recommend that ReSound
shareholders accept the offer.
Under the terms of the merger agreement, GN Acquisition
Corporation will initiate a tender offer for all of the outstanding
shares of ReSound to commence within five business days. Once
initiated, the offer will be open for twenty business days unless
further extended. GN Acquisition Corporation's tender offer is
conditioned upon, among other things, there being validly tendered
not withdrawn a number of shares that equals at least ninety percent
of the outstanding shares of ReSound. After the consummation of the
tender offer, GN Acquisition Corporation has agreed to acquire any of
the remaining outstanding shares of ReSound pursuant to a second-step
merger at the same price per share paid for shares tendered.
ReSound is a hearing health care and human communications company
that designs, develops, manufactures and markets technologically
advanced hearing devices and communications devices. ReSound's
products utilize proprietary sound processing technology originally
developed by AT&T Bell Laboratories and subsequently enhanced and
refined by ReSound. Products include the Digital 5000 Series
which incorporate fully software-based digital sound processing
technology; a complete product portfolio of digitally programmable
devices; fitting systems for programming, fitting and fine-tuning for
all ReSound programmable devices; the Avance Hearing Enhancer, an
innovative, low cost product for people with mild hearing impairment;
and the CommPort System, an integrated microphone and receiver system
marketed and sold by Motorola to public safety personnel.
ReSound's business will be combined with GN Great Nordic's GN
Danavox subsidiary, an international manufacturer and distributor of
full range of advanced hearing devices, audiological diagnostic
equipment and other hearing-related products. The GN Danavox product
portfolio includes Danalogic, a software-based digital hearing device
with digital feedback suppression and Danasound, a range of digitally
programmable products; as well as leading integrated computer-based
audiological measuring equipment, the Aurical, for diagnosing hearing
loss and adjusting and testing hearing devices. In 1996, GN Danavox
and ReSound, along with AudioLogic, formed a strategic alliance to
develop a standard hardware platform for digital signal processing
The combined companies will have revenues in excess of $200
million and will be a worldwide market leader in hearing health care.
GN Great Nordic intends to establish the headquarters of its hearing
health care operations in Redwood City, California. In addition,
products will continue to be sold under the ReSound and GN Danavox
The GN Great Nordic Group, headquartered in Denmark, is a global
communications company with special focus on tele/data communications
products and services and audiological products. In 1998, the GN
Nordic Group had revenue of approximately $604 million.
In a joint statement, Russell Hays and Jesper Mailind, ReSound's
and GN Danavox's chief executive officers, respectively, noted that
the benefits of the proposed merger offer significant opportunities
for growth and achievement in the worldwide hearing health care
"ReSound and GN Danavox are an excellent strategic fit. Our
combined ability to offer truly meaningful solutions to our end users
to improve not only hearing but human interaction is strengthened
considerably. We believe the combined companies will gain significant
advantages together: stronger and broader distribution channels, a
more robust manufacturing capability, and an increased, more solid
product development pipeline," said Hays.
Mailind stated, "GN Danavox expects to benefit from the merger
through enhanced revenue growth and strengthened worldwide market
presence. The combined company will be well-positioned to capitalize
on our key synergies to become a leading hearing health care
Upon consummation of the merger, Russell Hays will continue as
president and chief executive officer of the combined company for an
interim period and then will be succeeded by Jesper Mailind, who is
the current GN Danavox president and chief executive officer. During
the interim period, Mailind will be executive vice president and
operating officer of the combined companies.
GN Acquisition Corporation expects that the necessary filings
with the Securities and Exchange Commission in connection with the
tender offer will be made within the next several days and that offer
documents will be mailed to ReSound shareholders promptly thereafter.
Gleacher & Co. LLC advised GN Great Nordic and is acting as
dealer manager for the tender offer. BancBoston Robertson Stephens
advised ReSound and provided a fairness opinion to the board of
directors of ReSound.
This news release contains forward-looking statements including
statements concerning the projected impact of the proposed merger on
earnings results and sales growth. These statements are based on
current expectations; actual results may differ materially. Among the
factors that could cause results to differ materially are the
following: the effect of business and economic conditions; the
to manage successfully the integration of the two companies and
realize the expected synergies; the impact of competitive products
continued downward pressure on prices; market acceptance issues,
including the failure of new products to generate anticipated sales
levels; difficulties or delays in receiving required governmental or
regulatory approval; the cost and effect of legal and administrative
proceedings; and the other risk factors reported in ReSound's filings
with the Securities and Exchange Commission.
CONTACT: ReSound Corporation
Kathy Call, 650/261-6932
INDUSTRY KEYWORD: MEDICINE MERGERS/ACQ
(c) 1999 Business Wire. All reproduction, other than for an
user`s reference, is prohibited without prior written permission.
(c) 1999 Business Wire
Author not available, ReSound Corporation Announces Definitive
Agreement to be Acquired by GN Great Nordic for $180
Million; Combined companies will be a market leader in hearing health
care. , Business Wire, 05-10-1999.
I thought Polly Murray discovered LD.
If anyone should be honored, it should be Willy Burgdorfer.
I'm curious -- what's AIG?
Amy in CT
American International Group.
Largest US based International Insurance Company