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Sawaya Segalas News
October 31, 1995
Thomas Nelson Inc. announces successful completion of tender offer for shares of The C.R. Gibson Co.
Business Wire, All Rights Reserved

NASHVILLE, Tenn. — Thomas Nelson Inc. (NYSE:TNM) today announced that it has successfully completed, through Nelson Acquisition Corp., a wholly owned subsidiary, its $9.00 per share, all-cash tender offer for the outstanding shares of common stock of The C.R. Gibson Co. (AMEX:GIB).

The offer expired at midnight, New York City time, on Monday, Oct. 30, 1995. Preliminary figures indicate that a total of approximately 7,158,000 shares were tendered and accepted for purchase, which results in total ownership by Thomas Nelson Inc. and Nelson Acquisition Corp. of approximately 92.3% of the outstanding shares of The C.R. Gibson Co. on a fully diluted basis.

In connection with the completion of the tender offer, Thomas Nelson Inc. will merge Nelson Acquisition Corp. with and into The C.R. Gibson Co. Following the merger, The C.R. Gibson Co. will be the surviving corporation and a wholly owned subsidiary of Thomas Nelson Inc.

The merger is scheduled to be consummated on Nov. 7, 1995, after which time The C.R. Gibson Co.'s stock will cease to be traded on the American Stock Exchange. Stockholders holding shares of The C.R. Gibson Co.'s stock not tendered in the offer will receive instructions regarding the exchange of such shares for cash in the merger.

The C.R. Gibson Co., headquartered in Norwalk, Conn., manufactures and markets a wide range of paper, gift and stationery products, primarily under the C.R. Gibson®, Creative Papers® and Clinton Prints® brand names. Products include baby and wedding memory books, stationery, giftwrap, greeting cards and paper tableware.

For the year ended Dec. 31, 1995, and the six months ended June 30, 1995, C.R. Gibson reported net revenues of $67.3 million and $35.6 million, respectively.

Sam Moore, Thomas Nelson's chairman and president, said, "This acquisition represents an excellent opportunity for Thomas Nelson. It will significantly increase the product offerings and distribution strengths of our growing gift division. On a combined basis, our gift division will now have over $100 million in annual revenues and will be about equal in size to our publishing and music divisions.

"The acquisition will also create much stronger marketing and distribution capabilities for our gift division. C.R. Gibson presently has over 100 dedicated full-time sales personnel, which we believe will provide greater store penetration for an even broader line of gifts."

Moore indicated that the gift market is a growing industry with over $23 billion in annual revenues, approximately $9 billion of which are in the product categories currently marketed by Thomas Nelson and C.R. Gibson.

"We believe the size and product diversity of the gift market will provide us a number of opportunities to grow through existing products and in gift categories not currently offered," Moore concluded.

Thomas Nelson Inc. is a leading publisher, producer and distributor of books, Bibles and recorded music emphasizing Christian, inspirational and family-value themes.

© 1995, Business Wire
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