A multi-disciplinary and global team of Dechert lawyers is representing Buckeye Technologies in its sale to Georgia Pacific LLC. The two companies announced today that they have reached a definitive agreement for Georgia-Pacific to acquire all of the outstanding shares of Buckeye Technologies’ common stock for $37.50 per share in cash. The transaction, subject to completion, is valued at approximately $1.5 billion, including debt. Under the terms of the agreement, which has been unanimously approved by both companies’ boards of directors, stockholders of Buckeye Technologies will receive $37.50 in cash per share, representing a premium of approximately 29 percent based on the average closing price of Buckeye Technologies’ common stock over the last week.
The tender offer is subject to the expiration or termination of any waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, other regulatory approvals and other customary closing conditions, and requires at least 75 percent of the outstanding shares of Buckeye Technologies’ common stock to be tendered, consistent with the threshold for approval of a merger specified in Buckeye Technologies’ certificate of incorporation. The transaction is not conditioned on financing.
Buckeye Technologies, based in Memphis, Tenn., is a leading manufacturer and marketer of specialty fibers and nonwoven materials made from wood and cotton and has global sales offices in Beijing, the United Kingdom, France, Italy and Switzerland.
The client’s full press release can be found on the Buckeye Technologies website.
