Verso Provides Update on Discussions with Atlas Holdings
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Verso Corporation (NYSE: VRS) ("Verso" or "the Company") announced that it has entered into a Confidentiality Agreement (the "Agreement") with Atlas FRM LLC (d/b/a Atlas Holdings LLC) ("Atlas"). The special committee (the "Special Committee") of the Board of Directors of Verso previously communicated to Atlas its determination, made in consultation with its financial and legal advisors, that Atlas' previously disclosed $20.00 per share all-cash offer to acquire Verso was insufficient and that the Special Committee would only consider a potential transaction if Atlas meaningfully increased its offer from $20.00.
The two parties agreed to exchange additional information under the terms of the Agreement to facilitate ongoing discussions regarding a potential transaction with Atlas on mutually acceptable terms.
There can be no assurance that any negotiations between Verso and Atlas will take place following the exchange of additional information, and if such negotiations do take place, there can be no assurance that any transaction with Atlas (or any other party) will occur or be consummated. Verso does not intend to comment on or disclose further developments regarding the Special Committee's evaluation unless and until it deems further disclosure is appropriate or required.
Verso stockholders do not need to take any action at this time.
Rothschild & Co is acting as financial advisor and Kirkland & Ellis LLP is serving as legal counsel to the Special Committee.
