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VOL. 128 | NO. 160 | Friday, August 16, 2013

Buckeye Shareholders Approve Merger

By Bill Dries

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Stockholders of Buckeye Technologies Inc. have approved the Memphis-based company’s merger with Georgia-Pacific LLC.

The Buckeye stockholders voted Thursday, Aug. 15, in a special meeting.

When the transaction closes, Buckeye will become an indirect wholly owned subsidiary of Georgia-Pacific. Buckeye stockholders will be entitled to $37.50 in cash without interest per share.

Holders of a minimum of 75 percent of Buckeye’s outstanding stock had to vote in favor of the deal for it to move forward. Buckeye reported “more than 84 percent” of the total outstanding shares were voted in favor of the merger.

Georgia-Pacific executives announced in April their intent to buy Buckeye in a $1.4 billion deal. But in June the Atlanta-based paper, packaging and building products company announced it was converting the acquisition to a merger. Georgia-Pacific changed the nature of the deal because of requests for more information from the Federal Trade Commission and the antitrust division of the U.S. Justice Department.

Buckeye runs manufacturing plants in the U.S. and Germany that make specialty fibers and nonwoven materials used in personal hygiene products, engine air and oil filters, and cleaning supplies.

The Associated Press contributed to this story.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 67 67 10,289
MORTGAGES 107 107 13,434
FORECLOSURE NOTICES 24 24 2,668
BUILDING PERMITS 393 393 24,700
BANKRUPTCIES 60 60 9,952
BUSINESS LICENSES 16 16 3,752
UTILITY CONNECTIONS 149 149 14,706
MARRIAGE LICENSES 31 31 3,198

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