POREX <PORX.O> TO MERGE WITH MEDCO <MCCS.O>
  Porex Technologies Corp said it
  has agreed to merge with its partly-owned subsidiary Medco
  Containment Services Inc in a deal worth about 380 mln dlrs in
  cash and common stock to Porex shareholders.
      The company said under the agreement, Prex holders would
  receive new Medco shares representing a pro rata share of the
  9,159,552 Medco shares now owned by Porex plus a pro rata
  shares of the cash value of other porex assets, which is
  estimated at 60 mln dlrs subject to adjustment.
      Medco now has 16.9 mln shares outstanding.
      While exact terms may not be determined until the
  transaction becomes effective, Porex said each Porex share is
  expected to be exchanged for 0.82 Medco share and 5.38 dlrs in
  cash, subject to approval by sharehoilders of both companies.
  As part of the deal, Medco will split its stock five for two.
      The company said the merger will be accounted for as a
  corporate reorganization and be recorded at historical book
  values.