Blue Ridge Paper to Be Bought By Rank Group
June 14, 2007 - Blue Ridge Paper Products Inc.today said that its parent company, Blue Ridge Holding Corp., has entered into a definitive merger agreement to be acquired by Rank Group Limited for an aggregate consideration of $338 million, subject to certain adjustments.
A majority of the common stock of Blue Ridge Holding is held by KPS Capital Partners, which formed the company in 1999 when an affiliate purchased the assets of the "Canton System" from Champion International. Approximately 39% of the common stock of Blue Ridge Holding is owned by an Employee Stock Ownership Plan ("ESOP") for the benefit of certain Blue Ridge employees. Rank Group Limited is the owner of the Carter Holt Harvey Ltd. group of companies, headquartered in New Zealand, and Evergreen Packaging Inc.
The merger has received the required approval of the holders of a majority of the common stock of Blue Ridge Holding.
SOURCE: Blue Ridge Paper Products Inc.