G-P Extends Tender Offer for All Shares of Buckeye
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Georgia-Pacific (G-P), Atlanta., Ga., USA, earlier this week extended the expiration of its offer for all common stock of Buckeye Technologies Inc. (BTI), Memphis, Tenn., at $37.50 per share to 5:00 p.m., New York City (Eastern) time on Tuesday, June 25, unless further extended. The company reports that approximately 32,956,603 shares have been tendered and not withdrawn in the offer. This represents about 82% of the 40,127,758 shares of Buckeye Technologies' common stock issued and outstanding, on a fully-diluted basis, as of June 17.
The tender offer and withdrawal rights were previously scheduled to expire at 5:00 p.m., New York City (Eastern) time on June 17. The offer had been extended to allow additional time for satisfaction of conditions related to expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other required regulatory approvals. As previously announced, G-P received a request from the Antitrust Division of the Department of Justice for additional information and documentary material (often referred to as a second request) regarding the nonwovens business.
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