PCA Completes Acquisition of Boise

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Packaging Corporation of America (PCA), Lake Forest, Ill., USA, this week completed its acquisition of Boise Inc., Boise, Idaho. After the previously announced completion of the tender offer for all of the outstanding shares of Boise, PCA completed the second step merger under Delaware law, making Boise a wholly-owned subsidiary of PCA.

At the effective time of the merger, all shares of Boise common stock not purchased in the tender offer (excluding those shares for which holders properly exercise appraisal rights under Delaware law and those held by PCA or Boise or their respective wholly owned subsidiaries) were converted into the right to receive $12.55 in cash, without interest and less any required withholding taxes, which is the same price that was paid for shares of Boise common stock purchased in the tender offer. Boise common stock will no longer be listed on the New York Stock Exchange or any other securities exchange.

The combined company, headquartered in Lake Forest, is the fourth largest producer of containerboard and corrugated packaging products in the U.S. PCA will now operate eight mills and 97 corrugated product plants and related facilities.

PCA is the third largest producer of uncoated free sheet paper in North America. Paper products include imaging papers for the office and home, printing and converting papers, and papers used in packaging, such as pressure sensitive papers.

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