Avery Dennison to Acquire Paxar

Under the terms of the agreement, Avery Dennison will purchase each common share of Paxar for $30.50. Based upon Paxar’s closing price of $24.03 on Thursday, March 22, 2007, this represents a premium of 27 percent. JPMorgan Chase Bank, N.A. has committed $1.35 billion in acquisition financing and will also arrange long-term financing.