Fedders Announces Final Result of Offer to Exchange Common Stock For New Preferred Stock
Mar 20, 2003
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Fedders Corporation, a leading global manufacturer of air treatment products, including air-conditioners, air cleaners, dehumidifiers and humidifiers, and thermal technology products, 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 time, on March 18, 2003.
The company disclosed that 630,496 shares of the Company's Common Stock had been validly tendered and not withdrawn. Fedders will exchange .14 shares of its Series A Cumulative Preferred Stock for each share of Common Stock
tendered and issue a total of approximately 88,269 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 trade on the New York Stock Exchange under the symbol FJCPrA.
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