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Stock Market & Financial Investment News

News Breaks
July 1, 2014
16:43 EDTIP, VRTVInternational Paper completes xpedx spinoff and merger with Unisource
International Paper (IP) announced the completion of the previously announced spinoff of its distribution solutions business, xpedx, and xpedx's merger with Unisource, with the combined companies now operating as Veritiv Corporation (VRTV).The spinoff was accomplished by the contribution of the xpedx business to Veritiv and the distribution of 8,160,000 shares of Veritiv common stock on a pro-rata basis to International Paper shareholders. In exchange for such contribution, International Paper today received a special payment of $400M, subject to certain adjustments, financed with new debt in Veritiv's capital structure. Immediately following the distribution, UWW Holdings, the parent company of Unisource Worldwide, merged with and into Veritiv, with the parent company of UWW Holdings, Inc. receiving 7,840,000 unregistered shares of Veritiv common stock, equal to approximately 49% of the total resulting outstanding shares of Veritiv common stock, as merger consideration. Veritiv is expected to begin "regular way" trading on the New York Stock Exchange tomorrow under the symbol VRTV. "The completion of this transaction and creation of Veritiv provide excellent value for International Paper shareholders, as this new independent public company emerges with opportunities to be stronger and more competitive than either of the merged companies alone," said International Paper Chairman and CEO John Faraci.
News For IP;VRTV From The Last 14 Days
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January 28, 2015
09:34 EDTIPInternational Paper says continuing to evaluate MLP structure
International Paper management said on the company's Q4 earning conference call that they are continuing to evaluate whether the MLP structure is the best vehicle to create value for IP and its shareholders. The company continues to be interested in the opportunity, noting that it is a complicated one though they have not seen anything that "would say we need to shut down the analysis or that it's a no go." Since its last call, International Paper has filed a request with the IRS to get a private letter ruling, though it "remains a little unclear on how that might proceed," the company added. The company is evaluating the MLP opportunity because it "has the potential to be part of our value creation strategy," IP noted.
07:04 EDTIPInternational Paper reports Q4 Industrial Packaging operating profit $484M
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07:03 EDTIPInternational Paper reports Q4 operating EPS 53c, consensus 53c
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January 27, 2015
15:35 EDTIPNotable companies reporting before tomorrow's open
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06:21 EDTIPGraphic Packaging, Packaging Corp. could be targets, says Citigroup
Citigroup believes the merger between Rock-Tenn (RKT) and MeadWestvaco (MWV) makes sense and that the combined company has 16% upside potential from current levels. Citi believes the $300M synergy target could prove conservative and raised its price target for Rock-Tenn shares to $77 from $72. It thinks smaller players in the Paper & Forest products space, Graphic Packaging (GPK) and Packaging Corp. (PKG), could be potential takeover targets either for an acquirer or for a merger following the Rock-Tenn/MeadWestvaco deal. Citi views International Paper (IP) as a potential acquirer.
January 23, 2015
08:19 EDTIPBofA/Merrill paper/forest products analyst hold analyst/industry conference call
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January 16, 2015
10:01 EDTIPOn The Fly: Analyst Upgrade Summary
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09:04 EDTIPConocoPhillips names John Faraci, Argun Murti to board
ConocoPhillips (COP) announced that John Faraci, former chairman and CEO of International Paper (IP), and Arjun Murti, former partner at Goldman Sachs (GS), have been elected to its board of directors. The election of Faraci and Murti increases the total number of ConocoPhillips directors to 12, 11 of which are outside directors.
07:18 EDTIPInternational Paper upgraded to Outperform from Market Perform at Wells Fargo
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