Hooker Furniture Announces Final Results of Tender Offer by ESOP Trust to Purchase Up to 1,800,000 Shares of Hooker's Common Stock

Business Wire, Sept 14, 2000

Business Editors

MARTINSVILLE, Va.--(BUSINESS WIRE)--Sept. 14, 2000

Hooker Furniture Corporation today announced the final results of the tender offer by the Hooker Furniture Corporation Employee Stock Ownership Plan Trust (the "ESOP Trust") to purchase up to 1,800,000 shares of Hooker's common stock, which expired at 5:00 P.M., New York City time, on Friday, September 8, 2000.

Based on a final count by the depositary for the tender offer, 3,388,264 shares of common stock, representing approximately 44.48% of the company's outstanding shares, were properly tendered and not properly withdrawn prior to expiration of the offer, 1,800,000 of which the ESOP Trust expects to purchase at the offer price of $12.50 per share. The final proration factor for the offer was 53.12% and the total purchase price will be approximately $22.5 million.

Payment for shares accepted in the tender offer and the return of shares not accepted for purchase will be made by the depositary beginning on or about Monday, Sept. 18, 2000.

Hooker Furniture Corporation is a leading manufacturer of wood furniture selling in the upper-medium price range of the residential market. Manufacturing facilities are located in Martinsville and Roanoke, VA, and Kernersville, Pleasant Garden, and Maiden, NC.