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Georgia-Pacific to buy Buckeye Technologies
Wednesday - 4/24/2013, 11:11am EDT
ATLANTA (AP) -- Georgia-Pacific said Wednesday that it reached a deal to buy Buckeye Technologies Inc. for about $1.46 billion.
The privately held Atlanta-based paper, packaging and building products company said it will buy all of Buckeye's common stock for $37.50 per share.
The price represents a 25 percent premium over Buckeye's Tuesday closing stock price. Its shares jumped $7.58, or 25.3 percent, to $37.51 in morning trading.
Memphis, Tenn.-based Buckeye makes and markets specialty fibers and nonwoven materials made from wood and cotton. Its products are used in personal hygiene products, disposable diapers, engine air and oil filters, napkins, cleaning supplies, baby wipes and a series of other goods. Georgia-Pacific said the company's products complement its own and expand its offerings.
Buckeye operates mills in the U.S. and Germany and employs about 1,200 people.
The companies valued the deal at about $1.5 billion, including debt.
The deal remains subject to regulatory approvals and Georgia-Pacific LLC's acquisition of at least 75 percent of Buckeye's shares through a tender offer.
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