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Burnham Successfully Completes Tender Offer For Bryan Stock

13 November 1998

Burnham Successfully Completes Tender Offer For Bryan Stock

    LANCASTER, Pa., Nov. 13 -- Burnham Corporation
(OTC Bulletin Board: BURCA) announced today that its wholly owned subsidiary,
Burnham Acquisition Corporation, has accepted for payment and made
arrangements to pay for 185,749 shares of common stock of Bryan Steam
Corporation tendered pursuant to its friendly tender offer for all outstanding
shares of Bryan common stock at $152.00 per share, without interest, which
expired at 12:00 midnight, New York City time, on November 11, 1998. The
shares accepted for payment constitute more than 97% of the outstanding Bryan
common stock. In accordance with the merger agreement, Bryan will merge with
and into Burnham Acquisition Corporation, which will change its name to "Bryan
Steam Corporation" and each share not previously purchased in the tender offer
(other than shares held by shareholders who exercise their dissenters' rights)
will be converted into the right to receive $152.00 in cash. It is anticipated
that this "short-form" merger will be consummated within the next thirty days.
    Burnham has been a leader in the hydronics industry since producing its
first boiler in 1873. Burnham is a major U.S. manufacturer of boilers,
furnaces, radiators and related equipment, with sales of $174.6 million in its
fiscal year ending December 31, 1997.
    Bryan, a domestic manufacturer of watertube boilers, is located in Peru,
Indiana, with subsidiaries in Monticello, Indiana and San Angelo, Texas. Bryan
has been in business since 1916 and has developed a line of watertube boilers
that are unique in the industry. Bryan had sales of $26.3 million in its
fiscal year ending June 30, 1998.