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Exhibit 99(a)(5)(viii)
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PRESS RELEASE
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PERKINS PAPERS LTD., TELEPHONE :(450) 444-6400
CASCADES GROUP FAX :(450) 444-6455
77 MARIE-VICTORIN BLVD.
CANDIAC
(QUEBEC) CANADA
J5R 1C3
PERKINS PAPERS LTD. COMPLETES TENDER OFFER FOR WYANT CORPORATION
CANDIAC (QUEBEC) NOVEMBER 14, 2000 -- Perkins Papers Ltd. (TSE, symbol: PKN)
announced today that its tender offer to acquire all the outstanding shares of
common stock of Wyant Corporation (NASDAQ Small Cap, symbol: WYNT) (the
"Company") at a purchase price of $4.00 per share in cash expired at 12:00
midnight, New York City time, on November 13, 2000.
Approximately 2,212,641 shares, including approximately 811 shares tendered
pursuant to guaranteed delivery procedures, of Wyant Corporation common stock
have been validly tendered and accepted for payment, representing
approximately 97.5% of the 2,270,617 shares of common stock issued and
outstanding. Payment for those shares will be made promptly.
Perkins now plans to acquire the remaining outstanding shares of common stock of
Wyant Corporation through a second-step short form merger. Inasmuch as Perkins
will acquire more than 90% of the outstanding shares of common stock in the
tender offer, Perkins will be able to effect the merger without the necessity of
a vote of any Wyant stockholder.
The second-step merger will be consummated as soon as practicable. Shares not
purchased in the tender offer (other than shares owned by stockholders, if any,
who are entitled to and who properly exercise appraisal rights under New York
law) will be converted, upon completion of the merger, into the right to receive
$4.00 per share in cash. After the merger becomes effective, a Notice of Merger
and Appraisal Rights and Information Circular and a Letter of Transmittal to be
used for surrendering certificates in exchange for the cash payment will be sent
to holders of record who did not tender their shares in the tender offer.
Perkins and Wyant entered into the merger agreement on August 30, 2000.
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Perkins Papers Ltd. is the second largest producer of tissue paper in Canada and
the seventh largest in North America. Perkins operates six mills and converting
plants, five of which are located in Quebec and one in North Carolina, with a
workforce of 950 employees. Perkins's industrial infrastructure includes eight
paper machines with a combined annual capacity of 262,000 short tonnes of tissue
paper. The Corporation also operates 38 converting units. A large share of its
production is converted into finished and semi-finished products such as
bathroom tissue, household towels, facial tissue, napkins and hand towels. To
complete its product lines, Perkins also produces folding cartons and kraft
paper bags. The Company sells its products under its own brand names such as,
Cascades(R), Satin Soft(R), Doucelle(R), Decor(R), North River(R), Perkins(R)
and Horizon(R) as well as under private labels. Perkins trades on the Toronto
Stock Exchange under the symbol PKN.
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FOR FURTHER INFORMATION:
Ms. Suzanne Blanchet Mr. Andre Belzile
President and Chief Executive Officer Vice-President and CFO
Perkins Papers Ltd. Cascades Group
(450) 444-6400 (514) 282-2600
[email protected] [email protected]
WEB SITE: www.perkins.ca
