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Stock Market & Financial Investment News

News Breaks
June 20, 2014
16:35 EDTIP, VRTVInternational Paper announces distribution ratio for xpedx spinoff
International Paper (IP) announced the definitive distribution ratio for the spinoff of its distribution solutions business, xpedx. Subject to the satisfaction of certain conditions, International Paper stockholders will receive on the distribution date, July 1, 0.0188 shares of Veritiv Corporation (VRTV) common stock for each share of International Paper common stock they owned as of 5:00 pm EST on June 20, the record date set by International Paper's board of directors. International Paper shareholders will not receive fractional shares of Veritiv common stock. Instead, fractional shares of Veritiv common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in cash payments to the International Paper shareholders who would otherwise receive a fractional share of Veritiv common stock. The closing of the spinoff of International Paper's distribution business, xpedx, and the subsequent merger with UWW Holdings, the parent company of Unisource Worldwide, are scheduled to occur on July 1.
News For IP;VRTV From The Last 14 Days
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October 31, 2014
10:54 EDTIPInternational Paper management to meet with Buckingham
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October 30, 2014
11:20 EDTIPKapStone jumps after saying MLP being studied
Shares of KapStone Paper (KS) are rising after the company said on its third quarter earnings conference call that it is studying a potential master limited partnership, or MLP. WHAT'S NEW: KapStone management stated that the company has filed a request for a PLR, or private letter ruling, with the IRS regarding a potential MLP, though added that the move "does not indicate a decision" on its future direction. "We're only just trying to get in line. We are working with a good group of outside advisers and we remain intrigued by the concept and are studying our options," KapStone management stated. KapStone cautioned that the company still has not reached a designation and an MLP plan has not been submitted to its board for approval. Last night, KapStone reported third quarter adjusted earnings per share of 60c and revenue of $598.1M, which missed consensus forecasts of 67c and $604.18M, respectively. WHAT'S NOTABLE: On July 24, Bloomberg reported that Richard Perry's Perry Capital took positions or increased holdings in containerboard names KapStone, International Paper (IP), RockTenn (RKT) and Packaging Corp. (PKG). Perry stated in the fundís Q2 letter the he believes the companies can create master limited partnerships for their paper mills, driving share upside potential of 50%-100%, according to Bloomberg. PRICE ACTION: In morning trading, shares of KapStone are up more than 6% to $31 following the MLP comments made on the call.
October 20, 2014
13:06 EDTIPInternational Paper initiated with a Buy at Dundee (pre-open)
Target $55.

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