June 28 (Reuters) - Cascades Inc CAS.TO :
* CASCADES ANNOUNCES WINNING BID AT AUCTION FOR THE ACQUISITION OF ORCHIDS PAPER PRODUCTS ASSETS
* CASCADES INC - TRANSACTION WILL BE COMPLETED FOR A CASH CONSIDERATION OF US$207 MILLION
* CASCADES INC - ORCHIDS PAPER HAS INVESTED MORE THAN US$240 MILLION IN ITS ASSETS AND STRATEGIC SUPPLY ARRANGEMENT WITH FABRICA OVER PAST FIVE YEARS.
* CASCADES INC - CASCADES AGREEMENT IS SUBJECT TO APPROVAL BY BANKRUPTCY COURT AT A HEARING SCHEDULED FOR JULY 1