-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CKjnhRfKHXfsz7SmixLwy1c9YQRQLkedA13utzpjQhMGnnOgr/eID5YkmQPzqOiD rEpAW3T/R1PiAT6aECJ5OA== 0001047469-98-022763.txt : 19980604 0001047469-98-022763.hdr.sgml : 19980604 ACCESSION NUMBER: 0001047469-98-022763 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980519 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980603 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HUNTSMAN PACKAGING CORP CENTRAL INDEX KEY: 0001049442 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS, FOIL & COATED PAPER BAGS [2673] IRS NUMBER: 042162223 STATE OF INCORPORATION: UT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-40067 FILM NUMBER: 98642024 BUSINESS ADDRESS: STREET 1: 500 HUNTSMAN WAY CITY: SALT LAKE CITY STATE: UT ZIP: 84108 BUSINESS PHONE: 8015325200 8-K 1 FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 19, 1998 HUNTSMAN PACKAGING CORPORATION (Exact name of registrant as specified in its charter) Utah 333-40067 87-0496065 (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification Number) 500 Huntsman Way Salt Lake City, Utah 84108 (Address of principal executive offices) (Zip Code) (801) 532-5200 (Registrant's telephone number, including area code) Not Applicable (Former name or former address, if changed since last report.) ITEM 2. ACQUISITION OF ASSETS On May 19, 1998, Huntsman Packaging Corporation ("Huntsman"), through its wholly-owned subsidiary, VA Acquisition Corp. ("Acquisition Corp"), acquired pursuant to a tender offer (the "Tender Offer Acquisition"), 9,819,669 shares of Common Stock ("Shares"), of Blessings Corporation, ("Blessings"), representing approximately 97% of the outstanding Shares of Blessings, at a purchase price of $21.00 per share net to the seller in cash. Blessings' operating companies are leading producers and converters of polyethylene and polypropylene films for the personal care, medical and packaging industries. The Tender Offer Acquisition occurred in accordance with an Agreement and Plan of Merger (the "Merger Agreement") dated April 7, 1998, by and among Huntsman, Acquisition Corp. and Blessings pursuant to which Huntsman, through Acquisition Corp., agreed to purchase all of the outstanding Shares of Blessings. Also on May 19, 1998, pursuant to the terms of the Merger Agreement, Acquisition Corp. merged with and into Blessings, and Blessings became a wholly-owned subsidiary of Huntsman (the "Merger"). In the Merger, each outstanding Share (other than (i) Shares held by Blessings, Huntsman, Acquisition Corp. or any wholly-owned direct or indirect subsidiary of any of them and (ii) Shares held by stockholders, if any, who perfect their appraisal rights under Delaware law) was converted into the right to receive $21.00 in cash. The aggregate purchase price for the acquisition of Blessings (the "Blessings Acquisition") was approximately $270 million (including the assumption of an estimated $55 million of Blessings existing indebtedness). The aggregate purchase price was determined based upon several factors, including evaluations of Blessings, the market price of Blessings Shares, and negotiations with the management and directors of Blessings. The financing for the Blessings Acquisition was provided under a $510 million amended and restated Credit Agreement (the "Credit Agreement") dated as of May 14, 1998, among Huntsman and a syndicate of financial institutions, for which The Chase Manhattan Bank serves as administrative agent. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (a)-(b) Financial statements and pro forma financial information required to be filed by the registrant shall be filed no later than 60 days after the date this report is filed. (c) Exhibits: None SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HUNTSMAN PACKAGING CORPORATION By: /s/ Ronald G. Moffitt -------------------------- Ronald G. Moffitt Senior Vice President June 3, 1998 -----END PRIVACY-ENHANCED MESSAGE-----