On August 24, 2004, Cascades Boxboard Group, a subsidiary of Cascades Inc., the Quebec-based pulp and paper producer, acquired the remaining 50 per cent interest it does not already own in the Exton, Pennsylvania paper product manufacturer Dopaco, Inc. Dopaco manufactures drink cups, food trays and other packaging for fast-food chains. The total purchase price, based on a financial formula, is expected to be in the range of US$90 million to US$100 million and is payable in two installments. The initial payment of US$63 million was paid at closing, and the second installment is due in May 2005.
Cascades was represented by Torys under the direction of Miranda Melfi, general counsel of Cascades Boxboard, and Robert Hall, general counsel of Cascades Inc. The Torys team included Sandy Feldman, Mayah Judovits and Maria Krasnikow. Dopaco’s selling shareholder, Edward Fitts, Jr., was represented by Drinker Biddle & Reath, with a team that included Walter Mostek, Jr., and Katherine Wynn.