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How about this for positive "..PLNI-related.." events, aye......, Sports Fans....!!!
Georgia-Pacific in $13 billion takeover Paper products maker to be bought out by privately-held Koch Industries. November 13, 2005: 5:44 PM EST
NEW YORK (CNN/Money) - Georgia-Pacific Corp., the maker of Brawny paper towels and Dixie Cups, Sunday said it agreed to be bought by Koch Industries, Inc. for $13.2 billion.
The deal will make the paper and building products maker a privately held, wholly owned Koch subsidiary. It will continue to be based in Atlanta.
The deal, at $48 per GP share, represents a 39 percent premium to Georgia-Pacific (Research) shareholders based on the closing price of its shares on Nov. 11, the company said. Koch will also be assuming Georgia-Pacific debt, bringing the total value of the deal up to $21 billion. The cash tender offer for GP shares will begin November 18.
"This transaction is the most dramatic step yet in Georgia-Pacific's history and its transformation. We are pleased it offers very significant, incremental value to our shareholders, as is warranted by our company's tremendous assets and talented employees," said A.D. "Pete" Correll, Georgia-Pacific chairman and chief executive officer, in a statement.
Georgia-Pacific is one of the world's leading manufacturers and marketers of tissue, packaging, paper, building products and related chemicals. With 2004 annual sales of approximately $20 billion, the company employs 55,000 people at more than 300 locations in North America and Europe.
"As a wholly owned Koch subsidiary, (Georgia-Pacific) will benefit from our historical practice of reinvesting up to 90 percent of earnings in our businesses," said Charles G. Koch, chairman and chief executive officer of Koch Industries, also in a statement. "We have extensive experience with cyclical, highly competitive businesses and the ability to commit appropriate resources to enhance the company's assets and pursue a growth agenda."
Koch Industries is based in Wichita, Kan. It owns a diverse group of companies offering products ranging from petroleum, chemicals, energy, fibers, fertilizers, pulp and paper, ranching, securities and finance.
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Thanks for the good news...Lots of things happening this week...
quote:Originally posted by YellowSubmarine: You can bet your "..Sweet Bippy.." that the "..cheapie-shares.." will start disappearing BigTime in the morning..!!!
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Posts: 2660 | From: Pennyland USA | Registered: Jun 2004
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If there is large short position out there on GP this could get very interesting..
Posts: 10729 | From: oregon | Registered: Feb 2005
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I know when i think of 12 Billion market cap GP i always think of pinksheet PLNI. haha.
Posts: 1045 | From: novato,ca,usa | Registered: Aug 2003
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