BERWYN, Pa., May 10 /PRNewswire/ -- Unisource Worldwide, Inc. (NYSE: UWW) today announced that, on Friday, May 7, 1999, it received an unsolicited written proposal from Georgia-Pacific Corporation (NYSE: GP) to acquire Unisource at a price of $12 per share in cash. The offer has been approved by G-P's Board of Directors and is not subject to any financing contingencies. Unisource said that at a meeting held today, its Board of Directors authorized management to begin discussions with Georgia-Pacific concerning its proposal. Unisource said that it could provide no assurance that the proposal from Georgia-Pacific would lead to an agreement on a transaction between the two companies. On February 28, 1999, Unisource entered into a merger agreement with UGI Corporation pursuant to which Unisource stockholders would receive .566 shares of UGI common stock for each of their shares of Unisource common stock. The UGI transaction is pending. Unisource does not intend to comment further on any potential transaction with Georgia-Pacific until either a definitive agreement has been approved by the Boards of Directors of both companies or discussions are terminated. Donaldson, Lufkin & Jenrette is advising Unisource with respect to the UGI transaction and the Georgia-Pacific proposal. Unisource Worldwide, Inc. (http://www.unisourcelink.com), headquartered in Berwyn, Pennsylvania, is one of the largest distributors of paper products, packaging materials and maintenance supplies in North America. Fiscal 1998 revenues were $7.4 billion.
SOURCE Unisource Worldwide, Inc.