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History Overview

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Proposed Merger of Stanley Rule and Level Company with the Stanley Works

At a joint meeting of the directors of both corporations in New Britain, Connecticut, held March 4, 1920, a proposal for the purchase of the Stanley Rule and Level Company by the Stanley Works was presented.

It was decided to submit the matter to the stock holders without delay. The semi-official statement from the Stanley Rule and Level Company concerning the proposed merger is as follows:

"The directors of the Stanley Rule and Level Company and the Stanley Works have agreed to submit to their respective stockholders at stockholders' meetings to be called within the next two weeks a proposition looking towards the 9ale of the manufacturing business of the Stanley Rule and Level Company to the Stanley Works, in exchange for 7 per cent cumulative dividend non-voting preferred stock of the Stanley Works.

"The project will bear the favorable recommendation of all directors and officers of both companies and, if favorably received by the stockholders, will result in the merger of the Stanley Rule and Level manufacturing business into the Stanley Works.

"The price to be received by the stockholders of the Stanley Rule and Level Company cannot at this time be definitely stated, because of various questions of tax payments and reserves; but it is expected that ultimately on the dissolution of "the Stanley Rule and Level Company the amount received by their stock holders from this sale, together with the assets reserved from sale, will amount to a substantial advance over the present market price of the Stanley Rule and Level stock.

"The fact that the Stanley Works and the Stanley Rule and Level Company are engaged in a similar, but not competing, line of manufacture and that the combined manufacturing and selling forces of the two companies will be of mutual assistance and benefit to each other have been a material consideration in influencing the directors to recommend the proposed consolidation.

"The manufacturing and selling forces of the Stanley Rule and Level Company will continue substantially as heretofore and the operation of the two companies will go along with very little change.

"The transfer books of both companies are closed as of 12 o'clock noon, March 4, 1920, and until after the date of the stockholders' meetings."

A statement, practically the same as the foregoing, was issued to the stockholders of the Stanley Works, and also contained the announcement that the transfer books of the company are closed. The following is a copy of the notice:

"A meeting of the stockholders of this company will be called within a few days, at which matters of great importance and possible advantage to the stock holders will be submitted.

"In view of these circumstances, the directors have voted to close the stock books of this company as of 12 o'clock noon, March 4, 1920, and until after said stockholders' meeting.

"An announcement and notice of this stockholders' meeting will be sent to all stockholders within two weeks. The Stanley Works,

by E. W. Christ, Secretary.
March 4, 1920."


 
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