Exhibit 99(a)(1)(G)
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PRESS RELEASE
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[LOGO PERKINS CASCADES GROUP] [LOGO WOOD WYANT INC.]
PERKINS PAPERS TO ACQUIRE WYANT CORPORATION
CANDIAC (QUEBEC) AUGUST 30, 2000 -- Perkins Papers Ltd. (TSE, symbol: PKN), a
subsidiary of Cascades Inc. (TSE, symbol: CAS) and Wyant Corporation (NASDAQ
Small Cap, Symbol: WYNT) announced today that they have entered into a
definitive agreement whereby Perkins Acquisition Corp., a wholly-owned
subsidiary of Perkins, will make a tender offer for all of the issued and
outstanding shares of common stock of Wyant for US $4.00 per share in cash.
Pursuant to this agreement, and promptly following the tender offer, Perkins
Acquisition Corp. will merge with Wyant resulting in Wyant becoming a
wholly-owned subsidiary of Perkins.
Perkins has also entered into a definitive agreement with the Wyant family,
which controls a majority of the shares of the common stock of Wyant
Corporation, in which they have agreed to sell all of their common shares and
convertible preferred shares.
The Board of Directors of each of Wyant and Perkins have unanimously approved
the tender offer and merger.
The transactions are subject to, among other things, customary regulatory
approvals in Canada and the United States and are expected to close during the
fourth quarter of 2000.
Mr. Donald C. MacMartin, the Chairman of the Board and Chief Executive Officer
of Wyant stated: "The combination of Perkins and Wyant is an excellent strategic
fit as it will further strengthen the paper segment of our business by providing
a fully integrated operation and a secure source of paper supply. Our operating
subsidiaries, Wood Wyant Inc. and IFC Disposables, Inc., will operate as
autonomous entities within the Perkins Group, specializing in the distribution
of sanitation supplies. These subsidiaries will pursue their growth in this
promising market and will benefit from synergies with Perkins."
In commenting on this transaction, Mrs. Suzanne Blanchet, President and Chief
Executive Officer of Perkins stated: "This transaction is the logical outcome of
a long business relationship between the two corporations. The acquisition of
Wyant by Perkins is in keeping with our growth strategy, as it allows us to
increase our proportion of converted products toward our 75% target. It also
reinforces our sales network on a pan-Canadian scale. Wyant possesses a vast
expertise in manufacturing, converting and distributing sanitation supplies, a
unique concept in Canada which we intend to further develop."
The total amount of the transaction, which includes the purchase of all the
common shares and convertible preferred shares, is CDN $21.8 million (US $14.7
million) and will be financed through existing credit facilities available to
Perkins.
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Perkins Papers Ltd. is the second largest producer of tissue paper in Canada and
the seventh largest in North America. Perkins operates six mills and converting
plants, five of which are located in Quebec and one in North Carolina, with a
workforce of 950 employees. Perkins's industrial infrastructure includes eight
paper machines with a combined annual capacity of 262,000 short tonnes of tissue
paper. The Corporation also operates 38 converting units. A large share of its
production is converted into finished and semi-finished products such as
bathroom tissue, household towels, facial tissue, napkins and hand towels. To
complete its product lines, Perkins also produces folding cartons and kraft
paper bags. The Company sells its products under its own brand names such as,
Cascades(R), Satin Soft(R), Doucelle(R), Decor(R), North River(R), Perkins(R)
and Horizon(R) as well as under private labels. Perkins trades on the Toronto
Stock Exchange under the symbol PKN.
Wyant Corporation is an integrated sanitation and facility maintenance supply
company with extensive manufacturing, sales and distribution capabilities,
employing approximately 475 people in Canada and the United States through its
two subsidiaries, Wood Wyant Inc. and IFC Disposables, Inc.
Cautionary Statement under "Safe harbor" Provisions of the Private Securities
Litigation Reform Act of 1995: Statements made in this news release contain
information about Wyant's future business prospects. These statements may be
considered "forward looking".
These statements are subject to risks and uncertainties that could cause actual
results to differ materially from those set forth in or implied by such forward
looking statements. Among these risks and uncertainties are those described in
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" of Wyant's annual report on Form 10-K for the year ended December
31, 1999. Wyant's actual results may differ materially from anticipated results.
For additional information and risks associated with Wyant's business prospects
and future operating results, please refer to Wyant's public filings with the
Securities and Exchange Commission.
Wyant Corporation's shareholders are advised to read the tender offer statement
regarding the acquisition of Wyant Corporation referenced in this news release,
which will be filed by Perkins Papers Ltd. and Perkins Acquisition Corp. with
the U.S. Securities and Exchange Commission, and the related
solicitation/recommendation statement which will be filed by Wyant Corporation
with the Commission. The tender offer statement (including an offer to purchase,
letter of transmittal and related tender offer documents) and the
solicitation/recommendation statement will contain important information which
should be read carefully before any decision is made with respect to this offer.
These documents will be made available to all shareholders of Wyant Corporation
at no expense to them. These documents also will be made available at no charge
at the SEC's Web site, WWW.SEC.GOV. This announcement is neither an offer to
purchase nor a solicitation of an offer to sell securities of Wyant Corporation.
The tender offer will be made solely by an offer to purchase and related letter
of transmittal to be disseminated upon the commencement of the tender offer.
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FOR FURTHER INFORMATION:
Ms. Suzanne Blanchet Mr. Donald C. MacMartin
President and Chief Executive Officer Chairman and Chief Executive Officer
Perkins Papers Ltd. Wyant Corporation
(450) 444-6400 (514) 636-9926
SBLANCHET@PERKINS.CA dmacmartin@wyantcorp.com
Mr. Stephane Milot
Director - Investor Relations
Cascades Group
(514) 282-2681
smilot@cascades.com
WEB SITE: www.perkins.ca
www.wyantcorp.com