Checkpoint Systems Receives 97% of All Outstanding Shares in Meto AG Tender Offer; Offer Extended To Complete Customary Regulatory Approval Process.THOROFARE, N.J.--(BUSINESS WIRE)--Sept. 28, 1999-- Checkpoint Systems, Inc. (NYSE NYSE See: New York Stock Exchange : CKP CKP Checkpoint CKP Crankshaft Position CKP Chandraseniya Kayastha Prabhu (caste of Maharastra, India) CKP Chris Key Players (band) CKP Concept Knowledge Processing ), announced that on September 22, 1999, the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of the acceptance period for its cash tender offer to acquire all outstanding shares of Meto AG (Meto), Checkpoint has received 97% acceptance for the outstanding shares. The offer has been extended until October 20, 1999 to allow time to complete all regulatory approval processes. Once all conditions have been met, or that Checkpoint has otherwise decided to implement the offer, settlements of accounts will begin on or about October 29, 1999. Kevin P. Dowd, President and Chief Executive Officer of Checkpoint Systems, commented, "We are very pleased to have received acceptance for 97% of all of the outstanding shares of Meto. We have extended the offer to October 20, 1999 to allow completion of all regulatory reviews. All reviews are proceeding in their customary fashion." This transaction is valued at approximately $300 million (C279 million), which includes the assumption of approximately $35 million (C32.6 million) of Meto's net debt. The purchase price of SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 65 (C7.36) per Meto share equates to a 46% premium over the price on the date of its spin-off of SEK 44.5 (C5.04). Checkpoint will utilize cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. and proceeds from credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities to be provided by First Union Capital Markets to complete the transaction. Meto AG is a $375 million (C349.2 million) multinational company that manufactures and markets labeling systems designed to improve efficiency, reduce costs and provide value-added label solutions for customers across many markets and industries. Applications include automatic identification, retail security, and pricing and promotional labels. Operating in 21 countries, Meto has a global network of subsidiaries and provides professional customer service and technical support around the world. Checkpoint Systems, Inc., is a leading provider of integrated security solutions for retailers worldwide, and is a leading provider of RF source tagging, which allows its paper-thin RF tags to be embedded into product packaging. More than 350,000 Checkpoint RF EAS systems are installed worldwide. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement for Checkpoint Systems, Inc. This press release may include information that could constitute forward-looking statements made within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include those matters disclosed in the Company's Security and Exchange Commission filings. |
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