Lehman Brothers Collection - Contemporary Business Archives

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Lehman Brothers Collection

Twentieth-Century Business Archives

Jones & Laughlin Industries, Inc. Deal - Lehman Brothers Collection

Jones & Laughlin Industries, Inc.

Company Dealexchange offer of 6 3/4% debentures due 1994 common stock and warrants for common stock of Jones & Laughlin Steel Corporation
Transaction TypeSubordinated Debentures / Common Stock / Warrants
Deal DescriptionJones & Laughlin Industries, Inc., ("Industries") offered to exchange its 6 3/4% subordinated debentures due 1994, common stock, and warrants expiring April 1, 1979 to the holders of 5,854,454 shares of outstanding common stock of Jones & Laughlin Steel Corporation (the "Corporation"). The Corporation offered to exchange its 6 3/4% subordinated debentures due 1994 for shares of its 5% cumulative preferred stock, series A, par value $100 per share. That offer was made to the holders of all the 293,568 shares of outstanding preferred stock of the corporation. One of the purposes for which Industries was formed was to acquire the 10,023,672 shares of common stock of the Corporation owned by Ling-Temco-Vought ("LTV"), and to make the exchange offer. Assuming 100% acceptance of the exchange offer, LTV's ownership in Industries was to be reduced from 100% to approximately 91%. Assuming 100% acceptance of the exchange offer, the ownership by Industries of common stock of the Corporation was to increase from approximately 63% to 100%.
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