Buckeye Technologies Says Holders Approve Merger with Georgia-Pacific
Buckeye Technologies Inc. (NYSE: BKI) announced that at a special stockholders' meeting held today, Buckeye stockholders approved the Agreement and Plan of Merger, dated as of April 23, 2013, by and among Georgia-Pacific LLC (“Georgia-Pacific”), GP Cellulose Group LLC (“Purchaser”) and Buckeye (the “Merger Agreement”).
More than 84% of the total outstanding shares of Buckeye common stock eligible to vote as of the July 8, 2013 record date were voted in favor of the adoption of the merger agreement. Buckeye stockholders also approved the non-binding advisory proposal regarding merger-related compensation with a vote of more than 83% of the total outstanding shares of Buckeye common stock eligible to vote as of the July 8, 2013 record date.
Upon the closing of the transaction, Buckeye will become an indirect, wholly-owned subsidiary of Georgia-Pacific, and Buckeye stockholders (other than Buckeye stockholders who have properly exercised rights of appraisal) will be entitled to receive $37.50 in cash, without interest and subject to any withholding of taxes required by applicable law, for each share of Buckeye common stock owned at the time of the transaction's closing.
Consummation of transaction remains subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, along with the satisfaction of other customary closing conditions.
Headquartered in Memphis, Tenn.,
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.