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EXHIBIT 99.1
Georgia-Pacific [logo]
133 Peachtree Street Northeast
Atlanta, Georgia 30303
(404) 652-4000
News from Georgia-Pacific
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Release No. C-1616
Oct. 13, 2000
GEORGIA-PACIFIC LAUNCHES EXCHANGE OFFER
FOR SHARES OF FORT JAMES CORP.
ATLANTA--Georgia-Pacific Corp. (NYSE: GP) today launched its exchange offer
for all outstanding shares of Fort James Corp. (NYSE: FJ) under a previously
announced merger agreement between the two companies. When the merger is
completed, Georgia-Pacific will be the world's leading tissue manufacturer.
In the exchange offer, Georgia-Pacific will pay $29.60 per share in cash
and 0.2644 shares of Georgia-Pacific Group common stock for each outstanding
share of Fort James common stock. The exchange ratio will be adjusted downward
if the price of Georgia-Pacific Group shares exceeds $39.33 for 10 trading days
prior to the expiration of the exchange offer. The offer and withdrawal rights
are scheduled to expire at midnight (New York City time) on Nov. 9, but may be
extended by Georgia-Pacific.
Both Georgia-Pacific and Fort James have complied with a "second request"
for documents from the U.S. Department of Justice under the Hart-Scott-Rodino
Antitrust Improvements Act. Georgia-Pacific said it anticipates being able to
purchase and pay for shares of Fort James common stock tendered in the exchange
offer promptly after Nov. 9.
The transaction is valued at approximately $11 billion, and includes the
assumption of approximately $3.5 billion of Fort James debt. Georgia-Pacific
expects to complete the merger later this year.
A prospectus describing the exchange offer, a letter of transmittal to be
used to tender shares of Fort James common stock in the exchange offer, and
related documents, are being mailed to shareholders of Fort James. The offer is
subject to a number of conditions which are described in the prospectus,
including that at least two-thirds of all outstanding shares of Fort James
common stock are properly tendered to Georgia-Pacific, that all waiting periods
under applicable antitrust laws have expired or been terminated, that the shares
of Georgia-Pacific Group to be issued in the offer and the merger have been
approved for listing on the New York Stock Exchange, and that no litigation be
pending against the transaction.
Georgia-Pacific has appointed Merrill Lynch & Co. and Banc of America LLC
as co-dealer managers of the exchange offer. EquiServe Trust Company N.A. has
been appointed to act as exchange agent, and D.F. King & Co., Inc. is the
information agent for the offer (telephone number: 1-888-460-7637).
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Headquartered at Atlanta, Georgia-Pacific (www.gp.com) is one of the
world's leading manufacturers and distributors of paper and building products.
Its familiar consumer brands include Angel Soft, Sparkle, Coronet and MD tissue
products and Pacific Garden antibacterial hand soap. The company also sells
tissue products for the away-from-home market. Georgia-Pacific's building
products distribution segment has long been among the nation's leading wholesale
suppliers of building products to professional builders and contractors,
hardware stores and large do-it-yourself warehouse retailers. In addition,
Georgia-Pacific is the nation's largest producer of structural wood panels and
second largest producer of lumber and gypsum wallboard. With 1999 sales of $17.8
billion, the company employs approximately 55,000 people at more than 500
locations in North America.
Fort James (www.fortjames.com) is a leading international consumer products
company, serving consumers both at home and away-from-home with bathroom and
facial tissue, paper towels, napkins, cotton pads, cups, plates, cutlery and
food wrap products. The company's popular brands include Quilted Northern, Soft
'N Gentle, Brawny, Mardi Gras, So-Dri, Vanity Fair and Dixie in North America,
and Lotus, Okay, Embo, Colhogar, Tenderly, KittenSoft, Delica and Demark'Up in
Europe. With 1999 sales of $6.8 billion, the company has approximately 50
manufacturing facilities principally located in the U.S., Canada and Europe.
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Media
Contacts: Ken Haldin / Georgia-Pacific
(404) 652-6098
Greg Guest / Georgia-Pacific
(404) 652-4739
Mark Lindley / Fort James
(847) 317-5280
Analyst
Contacts: Richard Good / Georgia-Pacific
(404) 652-4720
Celeste Gunter / Fort James
(847) 317-5355
