Shareholder Files Suit Against Sheldahl, Inc.
22 February 2000
Shareholder Files Suit Against Sheldahl, Inc.
NORTHFIELD, Minn., Feb. 21 -- Sheldahl, Inc. (the "Company")
announced that it has received notice of a Minnesota state
court complaint against the Company, its directors and Molex Incorporated
claiming that the consideration to be paid in a proposed
transaction between the Company and Molex, as announced on February 17, 2000,
is unfair and inadequate for the Company's shareholders. The complaint
requests certification as a class action, and seeks injunctive relief and
compensatory damages. Sheldahl believes that the claims and allegations in
the complaint have no merit and intends to vigorously contest the action.
Sheldahl, Inc. is a leading producer of high-density substrates,
high-quality flexible printed circuitry and flexible laminates primarily for
sale to the automotive electronics and data communications markets. The
Company, which is headquartered in Northfield, Minnesota, has operations in
Northfield; Longmont, Colorado; Detroit, Michigan; South Dakota; Toronto,
Ontario, Canada; and Chihuahua, Chih., Mexico. Its' sales offices are located
in Hong Kong, China; Singapore; and Mainz, Germany. As of January 31, 2000,
Sheldahl employed approximately 870 people. Sheldahl's common stock trades on
the Nasdaq National Market tier of the Nasdaq Stock Market under the symbol:
SHEL. Sheldahl news and information can be found on the World Wide Web at
http://www.Sheldahl.com .
Molex Incorporated is a 61 year-old manufacturer of electronic, electrical
and fiber optic interconnection products and systems, switches and application
tooling. Based in Lisle, Illinois, Molex operates 50 manufacturing facilities
in 21 countries and employs approximately 15,900 people. Molex common stock
is included in the S&P 500 Index and is listed as part of the S&P 500
Electrical Equipment Industry Group.
The discussion above contains statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements by their nature
involve substantial risks and uncertainties as described by Sheldahl's
periodic filings. Actual results may differ materially depending on a variety
of factors, including but not limited to the following: Molex and Sheldahl
not entering into an agreement with respect to a transaction; or any such
transaction not being consummated; and Sheldahl and/or Molex successfully
defending and ultimately prevailing on the action brought by a Sheldahl
shareholder. Additional information with respect to the risks and
uncertainties faced by Sheldahl may be found in, and the prior discussion is
qualified in its entirety by, the Risk Factors contained in the Company's
filings with the Securities and Exchange Commission, including Sheldahl's
Annual Report, Form 10-K for the fiscal year ended August 27, 1999, Forms 10-Q
for the quarters ended November 27, 1998; February 26, 1999 and May 28, 1999,
and other SEC filings.
Sheldahl does not undertake any obligation to update any such factors or
to publicly announce the developments or events relating to the matters
described herein.