SADDLE BROOK, N.J., June 28, 2000 (PRIMEZONE) -- Sealed Air Corporation (NYSE:SEE) announced today that it is making a formal cash offer for all of the outstanding shares of Dolphin Packaging PLC. Based on the cash offer price of 3.30 pounds sterling per share, a premium of 29% over the closing price of 2.55 pounds sterling on June 27, 2000, the offer values the equity of Dolphin at approximately $118 million at current exchange rates.
Dolphin's board of directors has unanimously recommended acceptance of the offer. The founders and directors of Dolphin, together with certain immediate family and associated trusts have irrevocably committed to tender their shares, constituting more than 55% of the company's outstanding shares. The completion of the offer is subject to customary conditions, and the transaction is expected to be completed during the third quarter.
Dolphin, which is listed on the London Stock Exchange, is one of the leading U.K. producers of specialty plastic packaging products for modified atmosphere applications, home meal replacement and other centrally prepared fresh foods, with 1999 net sales of approximately $82 million. Dolphin also has operations in Ireland and the Netherlands. Dolphin's broad range of products includes fresh meat trays, food service items and prepared salad, fruit and vegetable containers as well as rigid containers for bulk distribution of products to food, medical and healthcare industries.
William V. Hickey, Sealed Air's President and Chief Executive Officer, said, "Dolphin has been our strategic partner in the U.K. for over two years as a supplier of barrier foam trays for our growing case-ready business. This transaction enhances our opportunity for growth in the rapidly expanding European convenience food, food service and home meal replacement businesses and represents an attractive opportunity to strengthen our position by taking ownership of this important component of our European case-ready packaging business."
Sealed Air is a leading global manufacturer of a wide range of food, protective and specialty packaging materials and systems. To view the Company's latest financial news online via the World Wide Web, visit http://www.cfonews.com/see.