National Sanitary will pay Century Papers shareholders...

National Sanitary will pay Century Papers shareholders $19 a share cash, plus a contingent cash payment of $2 a share upon satisfaction of various escrow requirements in the proposed $25.2-million merger of National Sanitary Supply of Los Angeles and Houston’s Century Papers. The transaction, expected to be completed by the third quarter of this year, is subject to the execution of a definitive merger agreement and satisfaction of conditions specified in that agreement. Century Papers distributes paper and sanitary maintenance products; National distributes chemical cleaning products, paper products and other maintenance supplies.