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. 24, 2013, 10:49 AM
- Shares of Boise (BZ +1.4%) tick up after Carlson Capital discloses a 6.7M share stake (6.6%) in the company. The firm believes that Packaging Corporation's (PKG -0.5%) 12.55/share (a 23% premium to the stock's price before the announcement) offer is below Boise's realizable valuation of $14-$17/share.
- Carlson thinks a divestment of the "secularly challenged" Paper segment would lead to enhanced value through a strategic sale of the Packaging segment. (SC 14D9)
Sep. 16, 2013, 12:46 PM
Sep. 16, 2013, 9:17 AM
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.
Aug. 1, 2013, 9:18 AM
May. 2, 2013, 10:51 AM
Feb. 26, 2013, 9:09 AM
Feb. 22, 2013, 12:11 PMGoldman Sachs weighs in on the containerboard market, noting inventories are still lean with significant maintenance downtime planned this year by producers. The read-through is positive for International Paper (IP +3.9%), Boise (BZ +4.4%), Packaging Corp (PKG +2.8%) - as well as Goldman sector favorite Rock-Tenn (RKT +4.5%). | Comment!
Nov. 26, 2012, 12:45 PM
Oct. 16, 2012, 6:59 PMBoise (BZ) says it will permanently cease production on the company's one remaining paper machine at its St. Helens, Oregon, paper mill. The decision will reduce Boise's annual uncoated freesheet capacity by almost 60,000 tons and result in a loss of approximately 100 jobs. The company expects to stop production on the machine by December 31. In Q3, the company logged approximately $31M of pretax costs related to ceasing operations at the site. | 3 Comments
Jun. 19, 2012, 1:50 PM
Mar. 30, 2012, 12:49 PM
Sep. 28, 2011, 9:54 AM
Sep. 14, 2011, 5:41 PM
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!
BZ vs. ETF Alternatives
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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