PECHINEY PLASTIC PACKAGING, INC. ANNOUNCES EARLY TERMINATION OF
HART-SCOTT-RODINO WAITING PERIOD REGARDING PENDING ACQUISITION OF JPS PACKAGING
COMPANY
PARIS, November 13, 2000-- Pechiney (NYSE:PY) and JPS Packaging Company (NASDAQ:
JPSP) announced today that they received an early termination of the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended, applicable to Pechiney's pending acquisition of JPS Packaging Company
(JPS).
As previously announced, Pechiney Plastic Packaging, Inc. (PPPI) and JPS have
entered into a merger agreement pursuant to which PPPI and JPS Acquisition
Corp., commenced on October 30, 2000, a tender offer for all outstanding shares
of common stock of JPS at an offer price of $7.86 per share, net to the seller
in cash. The offer is conditioned upon, among other things, JPS's shareholders
tendering and not withdrawing prior to the expiration of the offer at least a
majority of the shares of JPS's common stock on a fully diluted basis. The
tender offer and withdrawal rights are scheduled to expire at 5:00 p.m., New
York City time, on November 28, 2000, unless the offer is extended.
The tender offer may be extended on the terms and conditions stated in the Offer
to Purchase, dated October 30, 2000, which is available from the Information
Agent for the offer. 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.
JPS shareholders are urged to read the Tender Offer Statement, which has been
filed by PPPI with the Securities and Exchange Commission ("SEC"), and the
related Recommendation Statement filed by JPS 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, at no expense to them, at the SEC's website, www.sec.gov.
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.
