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Article: BRAINERD INTERNATIONAL, INC. BOARD APPROVE ACQUISITION OF THE COLONEL'S INC.
- Article from:
- PR Newswire
- Article date:
- April 11, 1995
CopyrightCOPYRIGHT 1995 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MINNEAPOLIS, April 11 /PRNewswire/ -- On April 10, 1995, the board of directors of Brainerd International, Inc. (Nasdaq: BIRI), approved the submission to the shareholders of the company the acquisition of all of the outstanding shares of The Colonel's, Inc., in exchange for 23,500,000 shares, or approximately 97.2% of the shares to be outstanding following the acquisition.
Such submission had been approved on Feb. 27, 1995. However, it was subsequently determined that the transaction was prohibited under Minnesota law due to Donald J. Williamson being a principal shareholder of both companies. On April 6, 1995, Mr. Williamson removed the impediment with the sale ...
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