Buckeye Stockholders Approve Merger with G-P
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Buckeye Technologies Inc, Memphis, Tenn., USA, reports that during a special stockholders' meeting this past week its stockholders approved the Agreement and Plan of Merger, dated April 23, 2013, by Georgia-Pacific, GP Cellulose Group (purchaser), and Buckeye. More than 84% of the total outstanding shares of Buckeye common stock eligible to vote as of July 8 were voted in favor of adopting 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 record date.
On 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 receive $37.50 in cash, without interest and subject to any withholding of taxes 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, along with the satisfaction of other customary closing conditions.
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