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Exhibit (a)(9)
For Immediate Release
PECHINEY PLASTIC PACKAGING, INC.
CONTACT: MIKE J. HOOVER
PHONE: 773-399-3659
PECHINEY PLASTIC PACKAGING, INC. COMMENCES $7.86 PER SHARE
TENDER OFFER FOR ALL OUTSTANDING SHARES OF
JPS PACKAGING COMPANY
CHICAGO, Ill. -- October 30, 2000 -- Pechiney Plastic Packaging, Inc.
announced today that its wholly-owned subsidiary, JPS Acquisition, Inc., has
commenced a cash tender offer for all the outstanding shares of JPS Packaging
Company (NASDAQ:JPSP) common stock at a price of $7.86 per JPS Packaging share.
The tender offer is scheduled to expire at 5:00 p.m., New York City time, on
Tuesday, November 28, 2000, unless extended.
Following the completion of the tender offer, Pechiney intends to
consummate a second step merger in which all remaining JPS Packaging
stockholders will also receive the same cash price paid in the tender offer.
As previously announced, on October 13, 2000, Pechiney, JPS Acquisition and
JPS Packaging signed a definitive merger agreement for the acquisition of JPS
Packaging for $7.86 per share in cash. JPS Packaging's board of directors has
unanimously approved the tender offer and the merger and determined that the
tender offer and the merger are in the best interests of JPS Packaging's
stockholders. The JPS Packaging board unanimously recommended that JPS Packaging
stockholders accept the Pechiney offer and tender their shares. JPS Packaging
will mail its formal recommendation to stockholders at the same time Pechiney
mails its tender offer materials.
The tender offer is conditioned upon, among other things, there being
validly tendered and not withdrawn prior to the expiration date, a number of
shares, which when added to the number of shares beneficially owned by Pechiney
and JPS Acquisition, will represent a majority of the total number of
outstanding shares of JPS Packaging on a fully diluted basis at the time the
shares are accepted for payment pursuant to the offer. The complete terms and
conditions of the tender offer are set forth in the offering documents being
filed today with the Securities and Exchange Commission.
J.P. Morgan Securities Inc. is acting as Dealer Manager for Pechiney's
offer and Morrow & Co., Inc. is acting as Information Agent. Copies of
Pechiney's tender offer materials can be obtained from the Information Agent by
calling 800-607-0088.
Pechiney is a North American producer of flexible packaging for the food,
meat, dairy, healthcare and specialty markets.
THIS ANNOUNCEMENT IS NEITHER AN OFFER TO PURCHASE NOR A SOLICITATION OF AN
OFFER TO SELL SHARES OF JPS PACKAGING COMPANY. PECHINEY PLASTIC PACKAGING, INC.
AND JPS ACQUISITION, INC. HAVE FILED A TENDER OFFER STATEMENT WITH THE U.S.
SECURITIES AND EXCHANGE COMMISSION AND JPS PACKAGING COMPANY HAS FILED A
SOLICITATION/RECOMMENDATION STATEMENT WITH RESPECT TO THE OFFER.
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