Attorneys Advise on Major Paper Industry Acquisition
CHICAGO — In a transaction resulting in the largest producer of paper and board worldwide, Consolidated Papers, Inc. (NYSE: CDP) recently reached an agreement to merge with forestry giant Stora Enso Oyj (Helsinki Stock Exchange: STERV). The transaction is valued at $4.8 billion.
The legal team representing Consolidated was led by Robert Schreck, a partner in the McDermott Will & Emery's Chicago office.
The two corporations had combined 1999 sales of approximately $13.2 billion. The sale price represents a 69 percent premium for the Consolidated stockholders.
"The merger represents the culmination of a studied review of strategic alternatives to enhance shareholder value," Mr. Schreck said. "McDermott Will & Emery worked with management and its investment advisors in all phases of the process, including advising the board on fiduciary duties, structuring retention incentives, securities law compliance and due diligence investigations. The merger process called upon McDermott's multidisciplinary expertise to identify issues and craft solutions under intense time pressure accentuated by other consolidations in the paper industry."
Consolidated Paper, headquartered in Wisconsin Rapids, is North America's largest producer of coated paper and SC printing papers. Stora Enso is one of the world's leading forest industry companies.
Mr. Schreck was assisted by a cross-departmental team of attorneys, including Frederick Axley, Daniel Zucker, David Ryder and George Benson.
