Miamisburg, Ohio, June 11, 2021 / PRNewswire / -Verso Corporation (NYSE: VRS) today announced the final result of a “modified Dutch auction” takeover bid for the cash purchase of Class A common shares. $ 0.01 When the total purchase price is as follows per share (hereinafter referred to as “the Shares”) $ 55 million, It expired at midnight. New York City At the end of time Thursday, June 10, 2021..
A total of 3,039,712 shares were offered below purchase price, based on the final number by the custodian of the tender offer (“Depository Institution”), Computershare Trust Company. , N / A. $ 18.10 It is per share and has not been properly withdrawn.
Pursuant to the terms of the Tender Offer, Verso accepted the purchase of 3,039,712 shares at a purchase price based on the depositary’s final statement. $ 18.10 The total cost per action is approximately $ 55 million, Excluding costs and expenses related to the Tender Offer. The 3,039,712 shares that Verso has agreed to purchase under the public tender offer include 1,038 shares that Verso has elected to purchase in accordance with its right to purchase up to 2% of the issued shares. Since Verso accepted the purchase, all shares that have been the subject of a valid offer have been purchased at the following prices: $ 18.10 If not properly removed, there is no allocation factor. The shares approved for purchase represent approximately 9% of the total number of issued shares. June 10, 2021.. Based on these figures, Verso will own approximately 29.6 million shares issued after the settlement of the tender offer. Verso will pay for the redemption of shares with the money you have available.
The Custodian will promptly pay for the shares approved for purchase on the basis of the public tender offer and return any other unpurchased shares that have been submitted.
BofA Securities was the dealer manager of the takeover bid.
About Verso Corporation
Verso Corporation is a leading US owner and operator of graphics, specialty papers, wrapping paper and market pulp, with a long-standing reputation for quality and reliability. Verso’s graph paper products are primarily designed for commercial printing, advertising and marketing applications such as direct mail, catalogs, corporate documents, books and magazines. Verso’s specialty paper products include release liner and label face paper for pressure sensitive adhesive coating and laminating applications. Verso manufactures wrapping papers for use in high-end packaging and printing applications such as greeting cards, book covers, shirts, labels and point-of-sale displays. Verso also manufactures market pulp used in printing, writing, specialty paper, wrapping paper, face and toilet paper, and paper towels. For more information, visit: versoco.com.
Description of future prospects
In this press release, all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include expressions such as “believe”, “expect”, “expect”, “plan”, “plan”, “estimate”, “intention” and “potential”. .. This includes, for example, a statement relating to a public offer to purchase shares. Forward-looking statements are based on currently available business, economic, financial and other information, and represent the current beliefs, expectations and views of management regarding future developments and potential impacts on Verso. He reflects. Actual results, including the takeover bid, may vary significantly depending on the risks and uncertainties that may affect Verso and its business. Verso’s actual actions and consequences may differ materially from those expressed or implied by such statements due to various factors, including: idling production, shutdown of machinery or equipment, restructuring of Verso’s business and the sale of non-core assets. Evolution of the cost of raw materials and purchased energy. Security breaches and other disruptions to Verso’s IT infrastructure. Uncertainty about the impact, duration, severity of the COVID-19 pandemic and measures to reduce its prevalence. The long-term structural decline and general slowdown in demand facing the paper industry. Unfavorable development of general business and economic conditions. The development of alternative media which is expected to negatively affect demand for some of Verso’s key products, and the effectiveness of Verso’s response to these developments. Fierce competition in the paper industry. Verso’s limited ability to manage product prices and pass increased costs on to customers. Verso’s activity is February 2020 Sale of Androscoggin Mill and Stevens Point Mill (“Pixel Sale”), closure of Luke Mill, Darth Mill, 14th Paper Machine and other long-term assets at the fast factory in Wisconsin. Verso relies on a small number of clients for most of its activities. Verso’s ability to compete for certain specialty paper products for two years after the Pixelle sale ends. Failure to respect the environment or other laws or regulations. Legal proceedings or litigation; Labor disputes; The potential risks and uncertainties listed in the “Risk Factors” section of Verso Form 10-K for the year ended December 31, 2020 are SEC. He was subjected to. March 1, 2021, And sometimes in the other SEC documents of Verso. Verso does not undertake to update any forward-looking statements made in this press release to reflect subsequent events or circumstances, or actual results.
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Source Verso Corporation
Verso Corporation Announces Final Results of Amended Dutch Auction Tender Offer | Ohio
Source Link Verso Corporation Announces Final Results of Amended Dutch Auction Takeover Bid | Ohio