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BRIEFLY

October 15, 1987

Monterey Farming Corp. said its president and founder, Alfred G. Scheid, has agreed in principle to acquire all of the outstanding shares of the Santa Monica-based firm not already owned by him from the E. F. Hutton Group, MFC's principal shareholder. Scheid, who owns 22% of MFC's outstanding shares, agreed to pay $6.50 per share for the 340,672 shares to be acquired for a total purchase price of $2,214,368. Of that amount, $1,384,682 will be paid to Hutton for its 48% interest in MFC and the balance will be paid to the other shareholders.

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