Textron and Provident Reach Agreement for Textron to Provide Additional Capital to Paul Revere; Adjustments to Provident/Paul Revere Merger Agreement Do Not Change Financial Terms for Public Shareholders.

Business Wire | November 6, 1996 | Copyright

PROVIDENCE, R.I.--(BUSINESS WIRE)--Nov. 6, 1996-- Textron Inc. (NYSE: TXT) and Provident Companies, Inc. (NYSE: PVT) today jointly announced an agreement under which Textron would provide additional capital to its 83%-owned subsidiary, The Paul Revere Corporation (NYSE: PRL), and the companies will make certain other adjustments relating to Provident's pending acquisition of Paul Revere. The transaction is presently targeted to close early in the first quarter of 1997.

On April 29, 1996, Provident announced a definitive agreement to acquire all outstanding ...

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