U.S. Department of Justice Clears WestRock's Acquisition of KapStone
WestRock and KapStone expect the pending acquisition to close on November 2, 2018, subject to customary closing conditions.
Oct. 30, 2018 - WestRock Company (NYSE: WRK) and KapStone Paper and Packaging Corporation (NYSE: KS) today announced that the U.S. Department of Justice has cleared WestRock's pending acquisition of KapStone through Whiskey Holdco, Inc. (“Holdco”).
As this was the last antitrust approval required to complete the pending acquisition, WestRock and KapStone expect the pending acquisition to close on November 2, 2018, subject to customary closing conditions. As a result of the acquisition, among other things, Holdco will become the ultimate parent of WestRock, KapStone and their respective subsidiaries.
Assuming the acquisition closes as expected, former KapStone stockholders will have the right to receive, with respect to each share of KapStone common stock they hold, either $35.00 in cash or, if they made and did not revoke a valid election in respect thereof by the election deadline at 5:00 p.m. New York City time on September 5, 2018, 0.4981 shares of Holdco common stock and cash in lieu of fractional shares. WestRock expects that shares of KapStone common stock will cease trading on the New York Stock Exchange prior to market open on November 5, 2018.
WestRock partners with its customers to provide differentiated paper and packaging solutions that help them win in the marketplace. WestRock's 45,000 team members support customers around the world from more than 300 operating and business locations spanning North America, South America, Europe, Asia and Australia. To learn more, please visit: www.westrock.com.
SOURCE: WestRock Company
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