CANADA: Janes Family Foods Ltd. Re: Sepp's Gourmet Foods Ltd.
Janes Family Foods Ltd. ("Janes") announces the withdrawal of its intention to make a take-over bid for all of the issued and outstanding common shares of Sepp's Gourmet Foods Ltd. ("Sepp's") as announced in Sepp's September 11, 2001 press release. Janes intended to offer $0.84 per common share of Sepp's subject to a minimum tender condition of at least 33.5% of the issued and outstanding common shares of Sepp's, including those common shares of Sepp's which are held by Janes and parties acting jointly with Janes. However, Janes is withdrawing its intention to make the bid because it has been unable to reach an agreement or understanding with Sepp's on the terms for making the bid to all shareholders of Sepp's, which would include the termination of Sepp's agreement with respect to a going-private transaction by way of arrangement proposed by certain shareholders, five of the seven directors of Sepp's and members of Sepp's management (the "Acquisition Group") which would provide minority shareholders with $.071 per share.
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