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Verso Corporation (NYSE: VRS) is a prominent North American producer specializing in graphic and specialty papers, packaging, and pulp. The company's comprehensive graphic papers portfolio includes sheetfed, web, digital, and inkjet papers, widely utilized in commercial printing, media, and marketing applications. These applications encompass magazines, catalogs, books, direct mail, corporate collateral, and retail inserts.
Verso’s specialty product lines feature release liner papers and high-performance label face stock, which are essential for pressure-sensitive, glue-applied, and litho laminate applications. In the packaging realm, Verso delivers recycled linerboard and medium used in corrugated box manufacturing, alongside bleached virgin and recycled kraft paper for various bags, sacks, and converting applications. Their SBS paperboard is crucial for single-face corrugated laminated box applications. Additionally, Verso produces market pulp, which serves as a base for printing, writing, specialty papers, facial and toilet tissues, and paper towels.
Latest Developments: Verso has recently been in the spotlight due to its acquisition activities. In August 2023, Atlas Holdings, an affiliate of Verso, finalized the acquisition of the Thunder Bay operations in Ontario from Resolute FP Canada Inc. This acquisition includes renowned northern bleached softwood kraft and hardwood kraft pulp, paper, newsprint, and directory paper production. The acquisition underlines Verso's commitment to expanding its footprint in the North American pulp and paper industry.
Atlas Holdings, headquartered in Greenwich, Connecticut, brings a wealth of experience to this partnership. Founded in 2002, Atlas operates 27 companies globally across various sectors, including automotive, building materials, and paper, generating approximately $16 billion in annual revenues. These strategic acquisitions and partnerships position Verso favorably for future growth and stability.
Verso Corporation (NYSE: VRS) has obtained all necessary regulatory approvals from the Nuclear Regulatory Commission and the Public Service Commission of Wisconsin for its merger with BillerudKorsnäs AB. The merger is set to close on March 31, 2022. Verso is a prominent manufacturer of various paper products and market pulp, known for quality and reliability in the commercial printing and packaging sectors. This merger is expected to enhance market presence and operational synergies.
Verso Corporation (NYSE: VRS) announced that its stockholders approved the merger with BillerudKorsnäs AB on March 11, 2022. The proposal received support from approximately 98.5% of the votes cast, representing about 73% of outstanding shares. The companies expect the merger to finalize in late March or April 2022, pending regulatory approvals. The Hart-Scott-Rodino Antitrust Improvements Act waiting period ended on February 10, 2022, with additional regulatory consents received from Wisconsin authorities.
Verso Corporation (NYSE: VRS) reported Q4 2021 net sales of $328 million, up by 4% year-over-year, and a net income of $13 million, recovering from a net loss of $90 million in Q4 2020. The full year saw a 6% decline in net sales to $1.278 billion due to lower sales volumes. Adjusted EBITDA for Q4 was $74 million, a significant gain from $9 million in Q4 2020. Verso's pending merger with BillerudKorsnäs promises premium value to shareholders at $27.00 per share.
Verso Corporation (NYSE: VRS) will announce its fourth quarter and full year 2021 financial results on February 28, 2022. This announcement follows the definitive merger agreement with BillerudKorsnäs AB, wherein BillerudKorsnäs will acquire all outstanding shares of Verso for $27.00 per share in cash. As a result of the merger, Verso will not hold a conference call or an earnings presentation for its financial results. Investors can find the financial results on Verso's website.
Verso Corporation (NYSE: VRS) filed a definitive proxy statement for a special meeting on March 11, 2022, where stockholders will vote on the merger with BillerudKorsnäs AB. If approved, stockholders will receive $27.00 per share, representing a 57% premium over the pre-offer share price. The Board believes the BillerudKorsnäs offer is superior to any alternatives and in the best interest of stockholders. The deal is expected to close in Q2 2022, pending stockholder and regulatory approvals.
Verso Corporation (NYSE: VRS) has filed a preliminary proxy statement regarding a proposed merger with BillerudKorsnäs AB. If approved, stockholders will receive $27.00 per share in cash, reflecting a 57% premium over the stock's closing price on July 9, 2021. The Board asserts that this offer is superior to alternative options and represents the best value for stockholders. A special meeting will be scheduled for voting on this transaction. Investors are encouraged to review the preliminary proxy statement for further details.
Verso Corporation (NYSE: VRS) has entered a merger agreement with BillerudKorsnäs AB, where BillerudKorsnäs will acquire all outstanding shares of Verso for $27 each, valuing the deal at approximately $825 million. This represents a 35% premium over Verso's closing price on December 17, 2021. The acquisition aligns with BillerudKorsnäs’ strategy to expand in North America, converting Verso’s assets into sustainable paperboard production while retaining its specialty paper operations. The merger is expected to close in Q2 2022, pending shareholder and regulatory approvals.
Verso Corporation (NYSE: VRS) reported third quarter net sales of $339 million, marking an 11% increase year-over-year. The company achieved net income of $58 million, a turnaround from a $31 million loss in Q3 2020. Adjusted EBITDA reached $67 million, representing a significant increase from $12 million in the same period last year. Verso declared a cash dividend of $0.10 per share, payable on December 29, 2021. The company maintains strong liquidity of $286 million, including $166 million in cash, emphasizing a solid, debt-free balance sheet.
Verso Corporation (NYSE: VRS) will host a conference call and webcast on November 5, 2021, at 9 a.m. EST to discuss its third quarter 2021 financial results. Investors can join the call by dialing 888-317-6003 or through the provided web links. A replay will be available starting at 11 a.m. EST on the same day and accessible until December 3, 2021. Verso is a leading producer of graphic, specialty, and packaging paper, with a reputation for quality. For more details, visit investor.versoco.com.
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