| GMI
Merger Corp. (GMI), an affiliate of New York City-based Cerberus Capital
Management LP, has completed its cash tender offer to acquire the outstanding
shares of Greensboro-based engineered automotive, technical and apparel
fabrics manufacturer Guilford Mills Inc. and has merged with the company.
GMI accepted for payment more than 5.1 million shares, or approximately
94 percent, of Guilford's common stock in the offer, and will convert all
remaining publicly held shares into the right to receive $19.00 net per
share in cash. Guilford now operates as a wholly owned subsidiary of GMI
Holding Corp., also an affiliate of Cerberus.
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