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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 14, 1997
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CARAUSTAR INDUSTRIES, INC.
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(Exact Name of Registrant as Specified in its Charter)
North Carolina 0-20646 58-1388387
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identificaiton No.)
3100 Washington Street
Austell, Georgia 30001
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(Address of Principal Executive Offices)
(Zip Code)
(770) 948-3101
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former name or address, if changed from last report)
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Item 5. Other Events.
Caraustar Industries, Inc. issued a press release on October 14, 1997 (a
copy of which is attached as Exhibit 99.1), the contents of which are
incorporated herein by reference.
Item 7. Exhibits.
The following exhibit is filed as part of this report.
Exhibit 99.1 -- Press release dated October 14, 1997
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: October 14, 1997
CARAUSTAR INDUSTRIES, INC.
By: /s/ H. Lee Thrash, III
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H. Lee Thrash, III
Vice President and Chief
Financial Officer
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
October 14, 1997
Contact: H. Lee Thrash, III
Chief Financial Officer
(770) 948-3101
CARAUSTAR INDUSTRIES, INC. AND
BRITTON GROUP PLC
Atlanta, Georgia -- The Board of Directors of Caraustar Industries, Inc.
(NASDAQ: CSAR) has noted with disappointment the announcement by the board of
Britton (LN: BGP) on October 9, 1997, that it would regard as unacceptably low
any offer by Caraustar at or around L.1.20 pence ($1.95) per ordinary share,
even though such a price would represent a premium of some 41 per cent over the
pre-announcement price. This statement apparently indicates that Britton's
management does not wish to enter into any discussions with Caraustar on this
basis.
Although Caraustar has been encouraged by the response to its announcement by a
number of Britton shareholders, the board of Britton and certain other
shareholders have indicated that they think Britton is worth substantially more
than a price of around L.1.20 ($1.95) per ordinary share. These levels exceed
what Caraustar believes the Britton Group is worth and, indeed, is prepared to
pay on the basis of the information currently available to it. Consequently,
Caraustar does not intend to proceed with an offer at this time.
Thomas V. Brown, president and chief executive officer of Caraustar, said "The
attitude of Britton management is surprising, particularly in the light of
Britton's share price and profits performance this year. However, we have a
duty to Caraustar shareholders to indicate a price level that we believe is
realistic and, regrettably, we will not be making an offer at this time. We
would like to thank those shareholders of Britton who encouraged us to proceed
this far."
Caraustar's 14 recycled paperboard mills and its 25 recycling and waste
collection facilities make the company one of the largest and lowest-cost
producers of recycled paperboard in the United States. At its 54 converting
facilities, the company manufactures a wide variety of paper tubes and cores,
composite containers, folding cartons, plastic products, adhesives, and
industrial and consumer packaging.
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