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Storer's stockholders approved the firm's buy-out.

November 23, 1985

Under the plan approved by Storer Communications shareholders, the company will be bought out by a subsidiary of the New York investment firm Kohlberg Kravis Roberts & Co. Under the $1.98-billion deal, stockholders of North Miami, Fla.-based Storer will receive $91 per share of common stock and a warrant to purchase one share of common stock of SCI Holdings Inc., the KKR subsidiary that will buy Storer. The merger is expected to be concluded by mid-December.

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