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EXHIBIT 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE:
CONTACTS: Dianne Steele Carl Ferenbach
Managing Dir., Corporate Communications Managing Director
U.S. Can Corporation Berkshire Partners
(630) 571-2564 (617) 227-0050
U.S. CAN MANAGEMENT AND BERKSHIRE PARTNERS
ANNOUNCE CLOSE OF TRANSACTION
BOSTON, MA, OCTOBER 4, 2000 - Management of U.S. Can Corporation ("U.S. Can")
and Berkshire Partners LLC ("Berkshire"), the Boston-based private equity
investment firm, announced today the successful recapitalization of U.S. Can in
which public shareholders received $20.00 in cash per outstanding share of
common stock.
U.S. Can has accepted for payment all of its outstanding Series B 10-1/8% Senior
Subordinated Notes due October 15, 2006 that were validly tendered and not
withdrawn prior to the expiration at 9:00 a.m. eastern time today of the tender
offer and consent solicitation related thereto.
Paul W. Jones, Chairman and Chief Executive Officer of U.S. Can stated, "I am
pleased that we have successfully completed this transaction and that the $20.00
per share selling price, which is a significant premium to the trading price
prior to our proposal, has provided a fair return to our shareholders."
Carl Ferenbach, Managing Director at Berkshire, stated, "U.S. Can is a best of
breed manufacturer with great customers and great leadership. We consider
ourselves fortunate to be their partner and principal investor."
U.S. Can is a leading manufacturer of steel containers for personal care,
household, automotive, paint and industrial products in the United States and
Europe, as well as plastic containers in the United States. Based in Oak Brook,
Illinois, U.S. Can had revenues of $714.1 million in 1999.
Berkshire Partners is an active investor in the private equity market managing
$1.8 billion of capital. Through its 15-year investment history, Berkshire has
completed over 65 acquisitions or growth capital investments with a primary
focus on building solid, growth-oriented companies in conjunction with strong,
equity-incented management teams.
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www.uscanco.com
