Calgene Inc. said Thursday that it planned to call forredemption of its $2.25 convertible exchangeable preferredstock, issued in 1989.
The company expects to set a redemption date of July 27 forthe 1.2 million preferred shares, which each can be convertedinto 3.28 shares of Calgene common stock at the redemptionprice of $26.58. The market value of that number of commonshares was $42.62, based on Calgene's closing price onWednesday, the company said.
The preferred stock offering raised $26.7 million for Calgene in1987 and was callable anytime after July 15 of this year.
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