Continental Materials Corporation's Board of Directors to Review Unsolicited Tender Offer from Bee Street Holdings LLC

CHICAGO, Feb. 18, 2020 (GLOBE NEWSWIRE) -- Continental Materials Corporation (NYSE American: CUO) ("CMC"), today confirmed that Bee Street Holdings LLC, an entity controlled by James G. Gidwitz, the Chairman of our board of directors and our Chief Executive Officer, and by other members of the Gidwitz family ("Bee Street"), has commenced an unsolicited tender offer to acquire all of the outstanding shares of CMC common stock for $9.50 per share in cash. Based on the Offer to Purchase attached to the joint Schedule TO/13E-3 filed by Bee Street with the SEC in connection with such offer, Bee Street currently owns approximately 61% of the outstanding common stock of CMC.
CMCa??s board of directors will carefully review and evaluate Bee Streeta??s tender offer.A  Following its review, the CMC board will make a recommendation or state that it is neutral or is unable to take a position with respect to the tender offer within ten business days of its commencement by making available to stockholders and filing with the Securities and Exchange Commission ("SEC") a solicitation/recommendation statement on Schedule 14D-9.A CMC stockholders do not need to take any action at this time.Important InformationThis press release is for informational purposes only, and is neither an offer to purchase nor a solicitation of an offer to sell securities. CMC may file a solicitation/recommendation statement on Schedule 14D-9 with the SEC. Any solicitation/recommendation statement filed by CMC that is required to be mailed to stockholders will be mailed to CMCa??s stockholders. INVESTORS AND STOCKHOLDERS OF CMC ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may also obtain copies of the offer to purchase and related materials, when and as filed with the SEC, without charge from CMC by written request directed to CMC at 440 S. La Salle Street, Suite #3100, Chicago, IL 60605, or by calling Paul Ainsworth at 312-541-7222.
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