SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE TO
(Rule 14D-100)
Tender Offer Statement Under Section 14(d)(1) or 13(e)(1)
of the Securities Exchange Act of 1934
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SHOREWOOD PACKAGING CORPORATION
(Name of Subject Company (Issuer))
INTERNATIONAL PAPER-37, INC.
INTERNATIONAL PAPER COMPANY
(Names of Filing Persons (Offerors))
Common Stock, $0.01 Par Value Per Share
(Including Associated Rights)
(Title of Class of Securities)
825229107
(CUSIP Number of Class of Securities)
James W. Guedry, Esq.
Vice President and Secretary
International Paper Company
Two Manhattanville Road
Purchase, New York 10577
(914) 397-1500
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications on behalf of Filing Persons)
COPY TO:
Jeffrey J. Rosen, Esq.
O'Melveny & Myers LLP
153 East 53 Street
New York, New York 10022-4611
(212) 326-2000
|X| Check the box if the filing relates solely to preliminary communications
made before the commencement of a tender offer.
Check the appropriate boxes below to designate any transactions to which the
statement relates:
|X| third-party tender offer subject to Rule 14d-1.
|_| issuer tender offer subject to Rule 13e-4.
<PAGE>
|_| going-private transaction subject to Rule 13e-3.
|_| amendment to Schedule 13D under Rule 13d-2.
Check the following box if the filing is a final amendment reporting the results
of the tender offer: |_|
<PAGE>
INTERNATIONAL [LOGO] PAPER
Increasing Integration
in
Consumer Packaging
February 17, 2000
<PAGE>
Slide 2
International Paper is a Leader in Bleached Board Consumer Packaging Focused on
Three Segments
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Consumer Packaging
Bleached Board
2.0 million tons
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Retail Beverage Food Service
1.0 million tons 0.5 million tons 0.5 million tons
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INTERNATIONAL [LOGO] PAPER
<PAGE>
Slide 3
International Paper is Committed to Getting Closer to Our Customers
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Consumer Packaging
Converting
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Retail Beverage Food Service
End-Uses End-Uses End-Uses
------------- --------- -------------------------
Entertainment Dairy Quick Service Restaurants
Cosmetics Juice Distribution
Food Specialty Home Meal Replacement
Personal Care
Specialty
Tobacco
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Shorewood Gives International Paper a Leadership Position in Retail
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INTERNATIONAL [LOGO] PAPER
<PAGE>
Slide 4
Shorewood is a Leading Producer of Premium Packaging for Retail End-Use
Categories
- --------------------------------------------------------------------------------
[The following table was depicted as a pie chart in the printed materials.]
Shorewood LTM Sales: US$600 million
Other Consumer Product 0.17%
Cosmetics & Toiletries 0.15%
Home Entertainment 0.35%
Tobacco 0.33%
INTERNATIONAL [LOGO] PAPER
<PAGE>
Slide 5
Shorewood is the Recognized Leader in Attractive and Growing Categories
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Home Entertainment Cosmetics And Toiletries
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[GRAPHIC OMITTED] [GRAPHIC OMITTED]
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Tobacco Other Consumer Products
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[GRAPHIC OMITTED] [GRAPHIC OMITTED]
INTERNATIONAL [LOGO] PAPER
<PAGE>
Slide 6
IP Will Become a Leading Producer of Premier Folding Cartons in the Retail
Segment
- --------------------------------------------------------------------------------
[The following table was depicted as a bar chart in the printed materials.]
Estimated Folding Carton Sales
(Dollars in Billions)
- --------------------------------------------------------------------------------
ACX $ 1.1
IP / Shorewood $ 1.0
Smurfit Stone $ 0.7
Rock-Tenn $ 0.6
Westvaco $ 0.5
Riverwood $ 0.5
Mead $ 0.4
Caraustar $ 0.3
Field Container $ 0.3
Gulf States $ 0.2
Malnove $ 0.2
Ivy Hill $ 0.2
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INTERNATIONAL [LOGO] PAPER
<PAGE>
Slide 7
Shorewood Summary Financial Information
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(Dollars in Millions)
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LTM ended Oct 1999
- --------------------------------------------------------------------------------
Sales $600
EBITDA (incl. synergies) $114
EBIT (incl. synergies) $ 87
Annual Synergies $ 25
Equity Purchase Price $600
Net Debt Assumed $275
Total Purchase Price $875
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INTERNATIONAL [LOGO] PAPER
<PAGE>
Slide 8
IP's Offer for Shorewood
- --------------------------------------------------------------------------------
o $21 per share in cash
o Cash tender offer
o Approved by both Boards
o Financed from existing facilities
o Subject only to regulatory review
INTERNATIONAL [LOGO] PAPER
THIS ANNOUNCEMENT IS NEITHER AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER
TO SELL SHARES OF THE COMPANY. AT THE TIME THE OFFER IS COMMENCED, INTERNATIONAL
PAPER WILL FILE A TENDER OFFER STATEMENT WITH THE U.S. SECURITIES AND EXCHANGE
COMMISSION AND SHOREWOOD PACKAGING WILL FILE A SOLICITATION/RECOMMENDATION
STATEMENT WITH RESPECT TO THE OFFER. THE TENDER OFFER STATEMENT (INCLUDING AN
OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND OTHER OFFER DOCUMENTS)
AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION
WHICH SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE
OFFER. THE OFFER TO PURCHASE, THE RELATED LETTER OF TRANSMITTAL AND CERTAIN
OTHER OFFER DOCUMENTS, AS WELL AS THE SOLICITATION/RECOMMENDATION STATEMENT,
WILL BE MADE AVAILABLE TO ALL STOCK HOLDERS OF SHOREWOOD PACKAGING, AT NO
EXPENSE TO THEM. THE TENDER OFFER STATEMENT (INCLUDING THE OFFER TO PURCHASE,
THE RELATED LETTER OF TRANSMITTAL AND ALL OTHER OFFER DOCUMENTS FILED WITH THE
COMMISSION) AND THE SOLICI TATION/RECOMMENDATION STATEMENT WILL ALSO BE
AVAILABLE AT NO CHARGE AT THE COMMISSION'S WEBSITE AT WWW.SEC.GOV.
