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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 9, 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 9, 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 9, 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 9, 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
[CARAUSTAR INDUSTRIES, INC. LETTERHEAD]
FOR IMMEDIATE RELEASE
October 9, 1997
Contact: H. Lee Thrash, III
Chief Financial Officer
(770) 948-3101
CARAUSTAR INDUSTRIES, INC. ANNOUNCES
POSSIBLE OFFER FOR BRITTON GROUP PLC
ATLANTA, Georgia -- The Board of Directors of Caraustar Industries, Inc.
(NASDAQ:CSAR) today announced that it is considering the possibility of making
a cash offer at around L.1.20($1.95) per ordinary share, or a total equity
value of approximately $270 million, for United Kingdom-based, Britton Group
plc (LN:BGP). Caraustar has approached the management of Britton with a view to
seeking a recommendation from the Board of Britton. No decision has yet been
made as to whether or not to proceed with an offer and a further announcement
will be made in due course.
Britton Group plc, a packaging company, operates six folding carton facilities
in the United States through its subsidiary, Universal Packaging Corp. (UPC),
headquartered in Bow, New Hampshire, and produces plastic extruded film
products through several subsidiary companies in the United Kingdom. Britton
Group plc had revenues of $361 million in 1996.
Thomas V. Brown, president and chief executive officer of Caraustar, said, "We
have followed the progress of Britton with interest for some time, noting in
particular that the markets in which its U.S. subsidiary, UPC, operates are
getting increasingly difficult as the pace of integration and consolidation of
competitors, suppliers and customers continues to increase.
We are keen to enter into discussions with the management of Britton and, in
the circumstances, we believe that our proposals will be attractive.
In addition, we wish to avoid a protracted process which would be unnecessarily
expensive in time and money for both Britton and Caraustar shareholders. Our
Board's consideration of an offer for Britton at a full price reflects this."
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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