Fedders Corporation, a manufacturer of air-treatment products, including air-conditioners, air cleaners, dehumidifiers, and humidifiers, today announced the results of its offer to holders of its Common Stock to exchange each of their Common shares for shares of Series A Cumulative Preferred Stock. The offer expired at 5:00 p.m., New York City, NY, U.S. time, on Dec. 27, 2002.
Fedders disclosed that 2,315,929 shares of its common stock had been validly tendered and not withdrawn. Fedders will exchange .14 shares of its new Series A Cumulative Preferred Stock for each share of Common Stock tendered and issue a total of approximately 324,230 shares of Series A Cumulative Preferred Stock. No fractional shares of Series A Cumulative Preferred Stock will be issued. Shareholders will receive cash in lieu of any fractional shares to which they would otherwise be entitled. The shares of Series A Cumulative Preferred Stock will trade on the New York Stock Exchange under the symbol FJCPrA when issued.
Georgeson Shareholder Communications, Inc. is acting as the information agent for the offer.
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