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Exhibit 99.1
PURINA MILLS, INC.
1401 South Hanley Road
St. Louis, MO 63144 USA
Tel (314) 768-4100; Fax (314) 768-4470
FOR IMMEDIATE RELEASE
Contact: Darrell D. Swank
Executive Vice President,
Chief Financial Officer and Secretary
Purina Mills, Inc.
(314) 768-4100
PURINA MILLS ANNOUNCES AMENDMENT TO STOCKHOLDER RIGHTS PLAN
St. Louis, MO--December 4, 2000--Purina Mills, Inc. (Nasdaq: PMIL) announced
today that its Board of Directors has amended Purina Mills' stockholder rights
agreement. The amendment allows GSCP Recovery, Inc., Purina Mills' largest
stockholder, to acquire up to an additional 10% of Purina Mills' common stock in
excess of the percentage of common stock acquired by GSCP Recovery as a result
of distributions under Purina Mills' bankruptcy plan without being deemed to be
an Acquiring Person pursuant to the rights agreement. The amendment also raises
the percentage threshold at which other persons would be deemed to be an
Acquiring Person under the rights agreement from 15% to 25%.
Purina Mills is a market leader in the United States in developing,
manufacturing, and marketing differentiated animal nutrition products and
programs for dairy cattle, beef cattle, hogs, and horses. Purina Mills also
develops, manufactures and sells poultry feeds as well as specialty feeds for
rabbits, zoo animals, laboratory animals, birds, fish and companion animals.
Purina Mills is America's largest producer and marketer of animal nutrition
products. Based in St. Louis, Missouri, the Company has 49 plants and
approximately 2500 employees nationwide. Purina Mills is permitted under a
perpetual, royalty-free license agreement from Ralston Purina Company to use the
trademarks "Purina" and the nine-square Checkerboard logo. Purina Mills is not
affiliated with Ralston Purina Company, which distributes Purina Dog Chow brand
and Purina Cat Chow brand pet foods.
Purina Mills is not affiliated with Cargill Inc. or Agribrands
International Inc.
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