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Article: Andean Development Corp. Announces Acquisition.
- Article from:
- Business Wire
- Article date:
- February 10, 1998
CopyrightCOPYRIGHT 1998 Business Wire. 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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BOCA RATON, Fla.--(BUSINESS WIRE)--Feb. 10, 1998--Andean Development Corp. (NASDAQ/NMS:ADCC) announced Tuesday that it will acquire approximately 83% of Consonni USA Inc. (USA) which owns 88% of Consonni Spain, from Pedro Pablo Errazuriz, its CEO and majority shareholder.
Consideration for the transaction, which transaction is subject to Andean shareholder approval, consists of (i) forgiveness of an obligation of Pedro Pablo Errazuriz to Andean of $1.58 million and (ii) 240,000 shares of Andean preferred stock and 50,000 shares of Andean common stock. Additionally, there will be cash consideration of $1.0 million USD, net present value, paid to unrelated ...