Riverwood Holding, Inc., parent company of Riverwood International Corp., and Graphic Packaging International Corp. jointly announced that they have signed a definitive merger agreement.
Graphic Packaging is involved in manufacturing folding cartons for consumer products. Riverwood is focused on manufacturing multi-pack beverage packaging.
The transaction has been approved by the boards of directors of both companies and by the shareholders of Riverwood.
According to the terms of the transaction, Graphic Packaging shareholders will receive one share of Riverwood for each share of Graphic Packaging they own, following a stock split by Riverwood. Before closing, all of Graphic Packaging's convertible preferred stock will be converted into Graphic Packaging common stock in return for a cash payment. Riverwood shareholders will own 57.5 percent of the new public company, while Graphic Packaging shareholders will own 42.5 percent.
The transaction is expected to be completed in the third quarter of the year.
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