Koch Industries finalizes Georgia-Pacific purchase
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Manufacturing News, Source : TheManufacturer.com
Published : 23 Dec 2005 14:14
Koch Industries, Inc. has successfully completed its $21 billion acquisition of Georgia-Pacific Corp.
The acquisition was finalized today through the merger of Koch Industries' wholly owned subsidiary, Koch Forest Products, Inc., with and into Georgia-Pacific. Georgia-Pacific will retain its name and operate from its Atlanta headquarters as a privately held, indirect wholly owned subsidiary of Koch Industries.
"Georgia-Pacific is a highly respected company with great businesses and a strong history as a market leader," said Charles G. Koch, chairman and chief executive officer of Koch Industries. "We believe that as a wholly owned subsidiary, Georgia-Pacific can be even more successful by combining the capabilities of our two companies. As a private company, we have the flexibility and resources to pursue strategies and opportunities that we couldn't as a public company. Beyond viewing Georgia-Pacific as a high-quality investment, we view it as a new set of growth platforms."
"Koch Industries' purchase shows appreciation for the full value of our company," said Correll. "As we begin this new era, we look forward to blending Georgia-Pacific's strengths with Koch's management approach and operations expertise. Our new ownership structure will help ensure we can focus on those changes, investments and actions that will best drive excellence and long-term success and growth."
As a result of the merger, any outstanding shares of Georgia-Pacific not validly tendered in the Koch Forest Products tender offer that expired on Monday have been cancelled and converted into the right to receive $48 per share in cash, without interest (the same per share consideration paid in the tender offer).
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