Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

MeadWestvaco Sets Record Date For Spin-off Of Consumer & Office Products Unit

RELATED NEWS
Trade MWV now with 

MeadWestvaco Corp. (MWV: Quote) said its board has set a record date of April 24, 2012, for the proposed spin-off of its Consumer & Office Products business. The spin-off and merger are expected to close on April 30 and become effective May 1, 2012.

Under the terms of the spin-off, MeadWestvaco will distribute all of its shares of the Consumer & Office Products business to its stockholders by means of a stock dividend. As previously announced, immediately following the spin-off, the Consumer & Office Products business will merge with ACCO Brands Corp. (ABD: Quote), such that MeadWestvaco stockholders are expected to receive approximately 0.33 share of ACCO Brands for each share of MeadWestvaco they own.

MeadWestvaco also said it has received a private letter ruling from the Internal Revenue Service to the effect that, based on certain facts, assumptions, representations and undertakings set forth in the ruling, for U.S. federal income tax purposes, the distribution of the shares of the Consumer & Office Products business will generally qualify as a tax-free distribution to stockholders of MeadWestvaco Corporation. The ruling also concluded that the $460 million in cash MeadWestvaco expects to receive in connection with the transaction, subject to certain post-closing adjustments, will be received on a tax-free basis.

Upon completion of the merger, MeadWestvaco stockholders will collectively own 50.5 percent of the shares of ACCO Brands common stock on a fully-diluted basis, and ACCO Brands stockholders will collectively own 49.5 percent. The exact exchange ratio will be determined at the time of the distribution.

Register
To receive FREE breaking news email alerts for Meadwestvaco Corp and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks moved notably higher over the course of the trading day on Friday after initially showing a lack of direction. The gains on the day extended the recent upward trend by the markets, with the tech-heavy Nasdaq reaching its best closing level in almost a month. Looking to capitalize on news of an Ebola diagnosis in New York City, Republican Senate candidate Scott Brown issued a statement Friday criticizing his Democratic opponent Sen. Jeanne Shaheen, D-N.H., for "waffling" on a travel ban. In another troubling sign for Democrats, the results of a Gallup poll released on Friday show that Tea Party Republicans are much more motivated to vote in the upcoming midterm elections than other Americans. The poll found that 73 percent of Tea Party Republicans are "extremely" or "very" motivated to vote in this year's elections.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.