UPM-Kymmene will consider the Champion offer situation

Archive 10.5.2000 0:00 EEST

The Board of Directors of Champion International has announced that it has received revised proposals from UPM-Kymmene and International Paper and determined that the International Paper's proposal is superior to the proposal from UPM-Kymmene.

UPM-Kymmene's proposal is USD 70 per share all cash and IP's USD 75 per share, of which one third in IP's shares.

UPM-Kymmene will consider the situation and consistent with its original agreement with Champion, UPM-Kymmene is able to submit a new proposal until 12 May, 2000 5.00 p.m. New York time.