MEMPHIS, TN, July 26, 2013 (Business Wire) - Buckeye Technologies Inc. (BKI) ("Buckeye") today announced that leading independent proxy advisory firms ISS Proxy Advisory Services and Egan Jones Proxy Services have recommended that Buckeye stockholders vote "FOR" adoption of the Agreement and Plan of Merger (the "Merger Agreement"), dated April 23, 2013, by and among Buckeye, Georgia-Pacific LLC ("Georgia-Pacific") and GP Cellulose Group, an indirect wholly-owned subsidiary of Georgia-Pacific (the "Purchaser"). The Merger Agreement provides for the merger of the Purchaser with and into Buckeye, with Buckeye surviving the merger as an indirect wholly-owned subsidiary of Georgia-Pacific. If the transactions contemplated by the Merger Agreement are completed, Buckeye stockholders will be entitled to receive $37.50 in cash, without interest and subject to any withholding of taxes required by applicable law, for each share of Buckeye common stock. The Merger Agreement is being submitted to a vote at a special meeting of Buckeye stockholders to be held on August 15, 2013 at 9:00 a.m. Central Time, at Buckeye's headquarters, 1001 Tillman Street, Memphis Tennessee 38112.
"We are pleased that ISS and Egan Jones agree that Georgia-Pacific's offer to acquire Buckeye represents the best value to our stockholders," said John B. Crowe, Chairman of the Board of Directors and Chief Executive Officer. "The Board of Directors has unanimously recommended that stockholders vote "FOR" the proposal to adopt the Merger Agreement."
Headquartered in Memphis, Tenn., Buckeye Technologies currently operates manufacturing facilities in the United States and Germany. Its products are sold worldwide to makers of consumer and industrial goods. www.bkitech.com.