Anchor agrees to sell company assets to Consumers Packaging and Owens-Brockway.

TAMPA, Fla.--(BUSINESS WIRE)--December 12, 1996--Anchor Glass Container Corporation announced that it has reached a decision to support a joint bid from Consumers Packaging, Inc. and Owens-Brockway Glass Container, Inc. to purchase the company's assets for $392.5 million, subject to certain adjustments, plus the assumption of certain of Anchor's liabilities. Owens-Brockway and Consumers Packaging both manufacture glass bottles and jars, and are based in Toledo, Ohio and Toronto, Ontario, respectively.

The Consumers and Owens offer provides for $333.6 million in cash and $58.9 million in preferred and common equity securities of a new entity to be formed by Consumers. In addition, the joint bidders will assume all liabilities specified in a definitive agreement to be negotiated by the parties. The deal is further subject to the approval of the bankruptcy court on December 17, 1996, regulatory approvals, the closing of previously executed financing commitments, and other conditions, and is expected to close within 45 days.

Anchor's Chairman James R. Malone stated: "Consumers and Owens' bid offers more value for our assets, as well as the prospect for a faster closing of the sale. I am hopeful that with this decision we will reach an acceptable conclusion to this process."

On September 13, 1996, Anchor filed for protection under Chapter 11 of the United States Bankruptcy Code, and announced it was seeking a Section 363 sale of the Anchor assets pursuant to a letter of intent with Ball-Foster Glass Container Co., L.L.C. On October 4, 1996, Anchor announced that it had executed an Asset Purchase Agreement with Ball-Foster for $365 million in cash, subject to certain adjustments, plus the assumption of certain liabilities, and filed a motion seeking Bankruptcy Court approval for the sale subject to higher and better bids. The Consumers and Owens bid for the company was submitted on December 2, 1996.

Anchor Glass Container Corporation, headquartered in Tampa, Florida, is one of the largest producers of glass bottles and jars in the United States.

CONTACT: Mark Kirk  or Lewis Kruger

Anchor Glass Corp. Stroock & Stroock & Lavan

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or

Wes Truesdell/Joe Dodson

The Dilenschneider Group

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