Fedders Corp., which makes air-conditioners and air cleaners, said that it has set $23.70 as the subscription price for a previously announced rights offering.
Fedders said the price represents a 5.6-percent discount from the market price based on the closing price of Series A preferred stock on the New York Stock Exchange on June 27. The company said holders of common stock and Class B stock will receive a subscription right to purchase one share of Series A preferred stock for every 10 shares of common stock or Class B stock they held as of July 1. (Reuters)
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