G-P Completes Acquisition of Buckeye Technologies Inc.

Georgia-Pacific LLC (G-P), Atlanta, Ga., USA, has completed the previously announced merger with Buckeye Technologies Inc. (BKI), Memphis, Tenn. Under the merger agreement, all outstanding shares of BKI's common stock were converted into the right to receive $37.50 per share, net to the holder in cash, without interest, subject to any withholding of taxes required by applicable law. The transaction was valued at approximately $1.5 billion, including debt.

As a result of the merger, G-P acquired all of the outstanding stock of BKI, including ownership of its five manufacturing facilities, global sales offices, and headquarters. Employees of BKI (approximately 1,200) are now employees of G-P, as Buckeye becomes a wholly owned subsidiary.

"We are excited to finalize the acquisition," said John Crowe, BKI's chairman and CEO. "This combination will be very good for a lot of people. Many Buckeye employees will have more opportunities, customers will have more options, community members will continue to have a company with a record of contributing in communities where they operate, and, of course, shareholders get a very nice return."

Jim Hannan, CEO and president of G-P, added that "we are very pleased to welcome the talented Buckeye employees to our company. They, along with Buckeye Technologies' assets, innovation capabilities, advanced technologies, and specialty fibers and nonwovens businesses, provide a significant platform for continued growth and success for our cellulose and consumer products businesses."

As a result of the merger, BKI's common stock will no longer be listed on the New York Stock Exchange or any other securities exchange.