Packaging Corporation of America Announces Successful Completion of Tender Offer for Boise Inc.
October 25 2013 - 7:00AM
Business Wire
Packaging Corporation of America (NYSE:PKG) today announced the
completion of its tender offer to purchase all outstanding shares
of common stock of Boise Inc. (NYSE:BZ) for $12.55 per share in
cash. The tender offer expired on Thursday, October 24, 2013 at
12:00 midnight ET.
The depositary for the tender offer has advised PCA that as of
the expiration of the tender offer, approximately 67,417,789 shares
have been validly tendered and not properly withdrawn in the tender
offer (including 6,529,831 shares delivered through notices of
guaranteed delivery), representing approximately 66.8 percent of
Boise’s outstanding shares. Accordingly, the minimum tender
condition for PCA’s pending acquisition of Boise has been
satisfied. As a result, PCA accepted for payment in accordance with
the terms of the tender offer all shares of Boise common stock that
were validly tendered and not withdrawn prior to expiration of the
tender offer (including all shares delivered through notices of
guaranteed delivery), and payment for such shares will be made
promptly. PCA expects to complete the acquisition of Boise later
today through a merger effected pursuant to Section 251(h) of the
General Corporation Law of the State of Delaware.
About PCA
PCA is the fourth largest producer of containerboard and
corrugated packaging products in the United States with sales of
$2.8 billion in 2012. PCA operates four paper mills and 71
corrugated products plants in 26 states across the country.
This news release contains forward-looking statements that
are based on PCA's current expectations and beliefs and are subject
to a number of risks, uncertainties and assumptions that could
cause actual results to differ materially from those described. All
statements, other than statements of historical fact, are
statements that could be deemed forward-looking statements,
including statements about the planned completion of the merger.
Forward-looking statements involve significant risks and
uncertainties, including whether the merger can be completed in a
timely manner and whether the anticipated benefits of the
acquisition of Boise can be achieved and those more fully described
in the Securities and Exchange Commission (SEC) reports filed by
PCA, including PCA’s most recent annual report on Form 10-K and any
subsequent periodic reports on Form 10-Q and Form 8-K. Please refer
to PCA’s most recent Forms 10-K, 10-Q and 8-K for additional
information on the uncertainties and risk factors related to PCA’s
business. Unless otherwise noted, PCA is providing this information
as of Oct. 25, 2013, and expressly disclaims any duty to update
information contained in this news release.
Packaging Corporation of AmericaBarbara SessionsINVESTOR
RELATIONS: (877) 454-2509PCA’s Website: www.packagingcorp.com
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