Buckeye Technologies Inc. BKI announced that at a special
stockholders' meeting held today, Buckeye stockholders approved the Agreement
and Plan of Merger, dated as of April 23, 2013, by and among Georgia-Pacific
LLC (“Georgia-Pacific”), GP Cellulose Group LLC (“Purchaser”) and Buckeye (the
“Merger Agreement”).
More than 84% 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% 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 Buckeye
common stock owned at the time of the transaction's closing.
Consummation of transaction remains 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.
Headquartered in Memphis, Tenn.,
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