Tobacco Documents Online

The Seven-Up Company, 121 South Meramec Avenue, St. Louis, Missouri 63105, (314) 889-7777 1 For release: IMMEDIATELY uuuu 11111P 'l~~~!'IN~~~iniq~i~ Contact: S. Lee Larkin St. Louis, Mo., May 2, 1978--The Seven-Up Company announced today that its Board of Directors has authorized the Company's officers, independent financial advisors and outside legal counsel to evaluate the unsolicited and conditional tender offer by Philip Morris Incorporated to purchase Seven-Up at $41 per share. Ben H. Wells, Chairman of the Board of Seven-Up, said that management and all members of the Company's founding families who are Directors expressed their views that the offer is inadequate. The Board has requested the Company's independent financial advisor, The First Boston Corporation, for its opinion as to the adequacy of the offer. First Boston has indicated that because of its familiarity with the Company, it expects to be able to deliver its opinion in a matter of days. The Board expects to announce its position with re- spect to the offer and to make its recommendation to shareholders promptly after receipt of the First Boston opinion. Since the offer will not expire until May 15, the Board urged all shareholders not to act hastily. Mr. Wells stated, "There is no special benefit to a shareholder who desires cash for his or her shares to tender them to Philip Morris at this time. According to -more- 7UP World Headquarters, Public Relations Department • Western Union TWX 1-910-761-0513, Cable SEVENUPCO PART II EXHIBIT 4 -17-

f Add 1 its terms, the offer will not expire until May 15 and payment for _ shares would not begin until some time thereafter - which Philip Morris characterizes as 'as soon as practicable'. If Philip Morris does not receive 51% of the shares by May 15, it has the right to extend the offer and keep the shares but not pay for them. In that event, shareholders will have no right to get their shares back until June 28, unless they are purchased by Philip then." Morris before Mr. Wells noted that the Board is fully cognizant of the concern of shareholders in this matter. The Board intends to promptly advise shareholders of its position and recommendations as they are formu- lated. The Board will also endeavor to make certain that shareholders are given sufficient time to consider this advice and to react in whatever manner the shareholders deem appropriate. Mr. Wells stated that management was extremely gratified with the strong expressions of support and loyalty received from the members of the Company's founding families, officers and employees, franchised bottlers and many institutional and individual shareholders.