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.