Stockholders back Buckeye, GP merger – North Florida's Rising StarNorth Florida's Rising Star
Buckeye Technologies Inc., announced Thursday that its stockholders approved the Agreement and Plan of Merger at a special stockholders’ meeting on Aug. 15 among Georgia-Pacific LLC (“Georgia-Pacific”), GP Cellulose Group LLC (“Purchaser”) and Buckeye (the “Merger Agreement”) dated as of April 23, 2013
More than 84 percent of the total outstanding shares of Buckeye common stock eligible to vote as of the July 8, 2013, record date were voted in favor of the adoption of the merger agreement. Buckeye stockholders also approved the non-binding advisory proposal regarding merger- related compensation with a vote of more than 83 percent of the total outstanding shares of Buckeye common stock eligible to vote as of the July 8, 2013, record date. Upon the closing of the transaction, Buckeye will become an indirect, wholly-owned subsidiary of Georgia-Pacific, and Buckeye stockholders (other than Buckeye stockholders who have properly exercised rights of appraisal) will be entitled to receive $37.50 in cash, without interest and subject to any withholding of taxes required by applicable law, for each share of remains Buckeye common stock owned at the time of the transaction’s closing.
Consummation of transaction subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, along with the satisfaction of other customary closing conditions.