Groupe Danone Completes Offer For AquaPenn

Groupe Danone (Paris) has completed its cash tender offer for the outstanding shares of common stock of AquaPenn Spring Water Company, Inc. The tender offer expired, as scheduled, at midnight, New York City time, on Monday, Dec. 7, 1998. Based on a preliminary count, 8,373,286 shares of AquaPenn were tendered (including 414,809 shares subject to guarantee of delivery) and accepted for payment at a price of $13.00 per share.

The acceptance of these shares in the tender offer will result in Groupe Danone's indirect ownership of approximately 94% of the outstanding common stock of AquaPenn.

In the proposed second step of the acquisition, Groupe Danone plans to merge its indirect subsidiary with and into AquaPenn. Under applicable law, the proposed merger is not subject to the approval of the remaining outstanding shareholders of AquaPenn. Assuming the actual physical tender of all shares tendered pursuant to notices of guaranteed delivery, Groupe Danone currently anticipates that the merger will be completed as soon as practicable.

Groupe Danone is ranked second in the worldwide bottled water market and it operates in that business in North America under the Evian and Dannon Natural Spring Water brand names.