PECHINEY ANNOUNCES COMPLETION OF THE JPS PACKAGING TENDER OFFER
CHICAGO, November 29, 2000/PRNewswire/ -- Pechiney Plastic Packaging announced
today that Pechiney and its wholly-owned subsidiary, JPS Acquisition, Inc., had
successfully completed its $7.86 per share cash tender offer for all outstanding
shares of common stock of JPS Packaging Company (Nasdaq: JPSP). The tender offer
expired on November 28, 2000, at 5:00 p.m., New York City time. Based on
information provided by the Depositary, as of such time, 5,336,188 shares of JPS
Packaging Company common stock had been tendered, which constitutes
approximately 96% of the total shares outstanding. Approximately 6,800 shares
were tendered by notice of guaranteed delivery. Payment for the shares properly
tendered and accepted will be made as promptly as practicable and, in the case
of shares tendered by guaranteed delivery procedures, promptly after timely
delivery of shares and required documentation.
Pechiney expects to complete the merger of JPS Acquisition with JPS Packaging
Company in accordance with Section 253 of the Delaware General Corporation Law
as soon as possible. Pursuant to the merger, JPS Acquisition, Inc. will be
merged with and into JPS Packaging Company, with JPS Packaging Company as the
surviving corporation. JPS Packaging Company shareholders who did not tender
their shares in the tender offer will receive $7.86 cash per share in the merger
unless they elect to exercise their appraisal rights under Delaware law. JPS
Packaging Company's transfer agent will forward to shareholders who did not
tender their shares in the tender offer detailed instructions regarding how to
surrender their stock certificates in order to receive the $7.86 per share
merger consideration.
This announcement is neither an offer to purchase nor a solicitation of an offer
to sell shares of JPS Packaging Company. JPS Packaging Company shareholders are
urged to read the Tender Offer Statement, which has been filed by Pechiney
Plastic Packaging, Inc. with the SEC, and the related Recommendation Statement
filed by JPS Packaging Company with the SEC. These documents contain important
information, which should be read carefully before any decision is made with
respect to the offer. These documents are available to all shareholders of JPS
Packaging Company, at no expense to them, at the SEC's website, www.sec.gov.
Pechiney Plastic Packaging is a global manufacturer of flexible packaging, as
well as plastic bottles, operating 28 plants in the Americas, Europe and
Australasia. It is part of Pechiney's US $1.9 billion Packaging Sector.
Pechiney is an international manufacturer with core businesses in primary
aluminum, aluminum fabricated products and high value-added packaging. Pechiney,
which reported sales of 9.5 billion euros (approximately US$ 10.2 billion) in
1999, also manufactures ferroalloys and operates an international trade
business. Its shares are traded on the Paris Stock Exchange; its ADRs are traded
on the New York Stock Exchange.
