Crown Cork & Seal Company, Inc.
9300 Ashton Road [LOGO APPEARS HERE] NEWS RELEASE
Philadelphia, Pennsylvania 19136
- --------------------------------------------------------------------------------
--------------------------------------
CROWN CORK & SEAL FILES REGISTRATION
STATEMENT FOR SECONDARY OFFERING
OF COMMON AND PREFERRED STOCK
--------------------------------------
Philadelphia, PA - September 26, 1996. Crown Cork & Seal Company, Inc. (NYSE;
CCK & Paris Bourse) announced that it filed an S-3 Registration Statement with
the SEC today to offer for sale shares of its common and convertible preferred
stock owned by Compagnie Generale d'Industrie et de Participations (CGIP).
CGIP intends to sell 9,250,000 shares of Crown Cork & Seal Common Stock and
3,000,000 shares of the 4.5% Convertible Preferred Stock, excluding any
additional shares which may be issued upon exercise of 15% over-allotment
options in each offering. CGIP is the only selling shareholder and the Company
will not receive any proceeds from the offering.
Assuming all of the shares registered are sold (including over-allotments),
following the offerings, CGIP will own Crown Cork & Seal common and preferred
stock representing approximately 10.1% of the Company's voting power versus
19.9% currently. In consideration of the productive relationship with CGIP,
Crown has decided not to request that a CGIP nominee on the Crown Board of
Directors resign at this time. Crown reserves the right to request such
resignation under the Shareholders Agreement between CGIP and the Company.
CGIP selected Lazard Freres & Co. LLC as the lead manager in the proposed sale
of its shares and CS First Boston and Salomon Brothers Inc will be joint-lead
managers. The management group is expected to be joined by a syndicate of other
underwriters. When available, copies of the preliminary prospectus relating to
the offerings may be obtained from any of these firms.
Crown Cork & Seal is the leading worldwide manufacturer of packaging products
for consumer goods. World headquarters are located in Philadelphia,
Pennsylvania.
For more information, contact:
(215) 698-5392
- --------------------------------------------------------------------------------
Note: A Registration Statement relating to these securities has been filed with
the Securities and Exchange Commission but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior to the time
the Registration Statement becomes effective. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any State in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such State.
- --------------------------------------------------------------------------------
* * * end * * *