NEW YORK, Dec 1, 2004 (BUSINESS WIRE) -- Bulova Corporation (OTCBB:BULV) announced
today that Loews Corporation (NYSE:LTR), the owner of approximately 97% of Bulova's
outstanding shares, said it intends to acquire the 149,998 shares of Bulova that
it does not already own at a price of $35 per share, payable in cash.
According to a filing made by Loews with the Securities and Exchange Commission,
the acquisition will be accomplished by means of a short-form merger of Bulova
with a newly formed, wholly-owned subsidiary of Loews without a vote of Bulova's
Board of Directors or shareholders, as permitted by New York law.
Loews will send Bulova's public shareholders a formal notice and detailed description
of the transaction following completion of the SEC's review of its filing. Loews
said it hopes to complete the transaction early next year.
Forward-Looking Statements. This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995 and
other federal securities laws relating to expectations, plans or prospects for
Bulova and Loews, including those relating to whether or not Loews will consummate
the transaction described above and, if so, the timing and final terms of any
such transaction. These statements are based upon the current expectations and
beliefs of Bulova and Loews and are subject to certain risks and uncertainties
that could cause actual results to differ materially from those described in
the forward-looking statements. These risks and uncertainties include regulatory
review of this transaction, market conditions and other factors beyond the control
of Bulova and Loews, as well as the risk factors and other cautionary statements
discussed in Bulova's Form 10-K for the year ended December 31, 2003 and other
filings with the U.S. Securities and Exchange Commission.
SOURCE: Bulova Corporation
Warren Neitzel, 718-204-3300
Joshua Kahn, 212-521-2788