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Stock Market & Financial Investment News

News Breaks
July 1, 2014
16:43 EDTVRTV, IPInternational 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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December 10, 2014
07:40 EDTIPBofA/Merrill to hold a conference
2014 U.S. Basic Materials Conference is being held in Boston on December 10-11.

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