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Exhibit 99.1
Contact: Kristi Hubbard
(972) 458-0601
BEAUTICONTROL, INC. TO MERGE WITH TUPPERWARE CORPORATION
Dallas, September 13, 2000 - BeautiControl, Inc. (NASDAQ:BUTI), a leading
international direct sales skin care, cosmetics, image and wellness company
headquartered in Carrollton, Texas, today announced plans to merge with
Tupperware Corporation (NYSE:TUP).
The merger will allow BeautiControl to extend its North American and global
business reach by leveraging Tupperware's multinational infrastructure and 50
years of direct-selling expertise. Both companies have built their success by
selling through independent consultants and the party-plan marketing method.
Each company has expanded its sales force support by offering additional
marketing channels, such as direct mail and industry-leading e-commerce
capabilities. The BeautiControl Web site address is www.beauticontrol.com.
BeautiControl will operate as a separate division with its unique branding,
product lines and independent sales force. BeautiControl consultants will not
sell Tupperware products or vice versa.
BeautiControl, Inc. is a 20-year-old direct selling company founded by Jinger
and Dick Heath with a sales force of more than 50,000 independent consultants in
the United States, Canada and Asia. The Heaths will continue to lead
BeautiControl, with Jinger Heath maintaining her position as Chairman. Dick
Heath will retain his position as Chief Executive Officer.
"Jinger and I are extremely excited that BeautiControl will become part of the
Tupperware family," said Dick Heath. "When Tupperware approached us with the
possibility of this transaction, Jinger and I knew that it was the right thing
to do for our independent sales force, shareholders and employees. The core
values of both companies are almost identical, and a common mission is to
provide mostly women with a fulfilling, flexible career alternative. We view
this entirely as a merger of strengths and look forward to a creative,
prosperous and synergistic relationship."
In 1999 BeautiControl had annual retail sales of approximately $130 million. For
the six-month period which ended May 31, 2000, it reported net income of $2
million on $33 million in net company sales (approximately $65 million retail).
Tupperware Corporation, a $1.0 billion multinational company, has extraordinary
global brand recognition and is one of the world's leading direct sellers and
suppliers of food storage, preparation and serving items, with premium products
reaching consumers in more than 100 countries.
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"BeautiControl is an ideal addition to our company," said Rick Goings, Chairman
and CEO of Tupperware Corporation, "because it brings not only a high-quality
product line, but also a highly trained sales force that can be expanded here in
North America and also in the large beauty products markets such as Latin
America. Additionally, we are glad that Dick and Jinger Heath will continue to
lead the business."
As part of the agreement, Tupperware will commence a tender offer for the common
stock of BeautiControl at $7 cash per share. Shareholders owning approximately
47% of BeautiControl shares have agreed to tender their shares. Any shares not
purchased at the close of the tender offer shall be acquired at $7 cash per
share in a subsequent merger. The total value of the transaction will be
approximately $65 million. The closing is subject to certain conditions,
including anti-trust clearance and the tender of a majority of BeautiControl
shares.
The Company's Board of Directors has unanimously approved the agreement and
intends to recommend to the Company's stockholders that they tender their
shares. Hoak Breedlove Wesneski & Co. has rendered to the Board of Directors its
opinion that the consideration to be paid to the holders of the Company's common
stock is fair from a financial point of view.
This release includes certain forward-looking statements that are based upon
management's beliefs as well as on assumptions made by and data currently
available to management. These forward-looking statements are subject to a
number of risks and uncertainties, including but not limited to the following:
the possible inability of Tupperware to complete the acquisition of the Company,
the risks and uncertainties associated with integrating the two companies and
retaining key personnel, and the risk factors listed from time to time in the
Company's Securities and Exchange Commission reports. Actual results may differ
materially from those anticipated in such forward-looking statements. The
Company undertakes no obligation to update or revise any forward-looking
statements to reflect subsequent events or circumstances, even if subsequent
events or circumstances make it clear that any projected results expressed or
implied therein may not be realized.
At the time the offer is commenced, the acquiring entity will file a Tender
Offer Statement and the Company will file a Solicitation/Recommendation
Statement with the U.S. Securities and Exchange Commission 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 shareholders of the Company, 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
Solicitation/Recommendation Statement will also be available at no charge on the
Commission's Web site at www.sec.gov.
