Buckeye
Technologies Inc. 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, GP Cellulose Group LLC
("Purchaser") and Buckeye.
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.
