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Independent leaf tobacco merchants DIMON Incorporated (NYSE: DMN) and Standard Commercial Corporation (NYSE: STW) are pleased to announce that, at separate special meetings held today, their respective shareholders approved the merger of the two companies.
More than 35 million of DIMON's outstanding shares were voted, with approximately 77% of total shares outstanding voted in favor of the merger proposal. More than 10 million of Standard's outstanding shares were voted, with approximately 74% of total shares outstanding voted in favor of the merger proposal.
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Independent leaf tobacco dealers DIMON Incorporated (NYSE: DMN) and Standard Commercial Corporation (NYSE: STW) today jointly announced that the U.S. Securities and Exchange Commission has declared effective a registration statement on Form S-4 containing the proxy statement/prospectus regarding the proposal to merge the two companies. Each of DIMON and Standard expects to begin mailing the proxy statement/prospectus to its shareholders today, Friday, March 4, 2005. Each of DIMON's and Standard's special meeting of shareholders will be held on Friday, April 1, 2005, at 3:30 pm EST, with shareholders of record at the close of business on February 10, 2005, entitled to vote at each meeting.
DIMON Incorporated (NYSE: DMN) today announced that in connection with its proposed merger with Standard Commercial Corporation it proposes to make a private offering of (1) $400 million in aggregate principal amount of unsecured Senior Fixed Rate Notes due 2013 and unsecured Senior Floating Rate Notes due 2012 and (2) $250 million in aggregate principal amount of unsecured Senior Subordinated Notes due 2015.
Dimon Inc., one of the world's largest dealers of leaf tobacco, said Thursday that it will sell about $650 million of debt in a private offering connected to its planned purchase of rival Standard Commercial Corp.
The company, which will change its name to Alliance One International Inc. after the acquisition closes, said it will use the funds, along with borrowings from a new $450 million credit line, to repay outstanding debt.
On Friday, Dimon and Standard Commercial said shareholders of both companies approved the deal and they expect the acquisition to close this month.
DIMON Incorporated (NYSE: DMN - news) today announced that, reflecting the continuing difficult leaf-trading environment, its pre-tax loss before restructuring and other asset impairment charges for the third quarter ended March 31, 1999, was $5 million, in line with expectations. Results for the third quarter of fiscal year 1999 mark an improvement over results for the first and second quarters of the fiscal year. DIMON is currently undertaking global cost efficiency programs and debt reduction actions that are enhancing its operations and financial position. Furthermore, DIMON expects operating results to be profitable for the fourth quarter of fiscal 1999.