N.E. Alexander, Sequa's chairman, proposes to purchase all outstanding shares of Sequa Common Stock

Business Wire, Nov 14, 1995

NEW YORK--(BUSINESS WIRE)--Nov. 14, 1995--The Board of Directors of Sequa Corp. has received from company chairman, Norman E. Alexander, a proposal for a business combination to acquire the entire equity interest in Sequa for $30.00 per share of Class A Common Stock and $36.00 per share of class B Common Stock.

Norman E. Alexander currently owns approximately 2.0 million shares of Class A Common Stock and 1.9 million shares of Class B Common Stock or approximately 37% of the outstanding common shares of Sequa Corp. and approximately 52% of the vote.

Alexander has requested that the Sequa Board of Directors form a Special Committee of Directors who are not employees of Sequa to review and respond to the business combination proposal. The transaction is subject to the approval of such Special Committee and Sequa shareholders (including Alexander); the preparation and execution of a definitive agreement satisfactory to Alexander and Sequa; the receipt of regulatory approvals; any required third-party consents; and other conditions customary in such transactions. Alexander's proposal also is subject to his obtaining financing on satisfactory terms.

Alexander said that the transaction, if approved by the Sequa Special Committee and Sequa shareholders (including himself), is expected to be completed in the first quarter of 1996. Alexander currently anticipates no change in Sequa's operations or management.

Sequa Corp. is a diversified industrial company whose principal interests are in the fields of aerospace, specialty chemicals, can machinery and automotive products.

CONTACT: Sequa Corporation

Linda G. Kyriakou, 212/986-5500