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Oct. 25, 2013, 12:43 PM
- Packaging Corporation of America (PKG +0.7%) completes the acquisition of Boise (BZ +0.2%). All BZ shares not purchased in the tender offer have been converted into the right to receive $12.55/share in cash.
- 6.6% Boise shareholder Carlson Capital had agitated for a divestment of the paper ops and believed shares could be worth as much as $17/share.
Sep. 16, 2013, 7:31 AM
- Packaging Corporation of America (PKG) agrees to acquire Boise (BZ) for $12.55 per share in cash, or nearly $2B. The sale is expected to close in Q4, subject to certain customary conditions and regulatory approval.
- PCA's containerboard capacity will increase to 3.7M tons from the current 2.6M and PCA will now have a market presence in the Pacific Northwest.
- Synergies are expected to generate pre-tax benefits of $105M, to be fully realized within 3 years of the closing, according to PCA management.
- Boise shareholders are getting 5x LTM EBITDA for their stock.
- BZ closed at $9.96 Friday evening, making the purchase price a 26% premium.
- Press release.
Jun. 7, 2011, 2:52 PMInternational Paper (IP +1.1%) and Temple-Inland (TIN +42.3%) are in focus after IP's $30.60/share bid was rejected despite being a 46% premium to Monday's closing price. Other packaging and paper stocks rally on calls from bullish analysts that the industry is heading for consolidation: PKG +6.9%, WY +6.2%, BZ +5.6%, KS +4.3%, RKT +3.1%. | Comment!
Boise Inc. is a large, diverse United States-based manufacturer of packaging products and papers, including corrugated containers, containerboard, label and release and flexible packaging papers, imaging papers for the office and home, printing and converting papers, newsprint, and market pulp.... More
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