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
A number of major retailers will be open on Thanksgiving for early Black Friday shopping events. Kohl's department stores will kick off Black Friday sales two hours earlier this year, at 6 p.m. Thanksgiving Day, while Macy's, Bon-Ton and Best Buy will open at the same time. J.C. Penney and Sears... Twitter Inc. has replaced its head of product Daniel Graf just six months after luring him over from Google, according to multiple reports. Graf, previously known for his work leading Google Maps, will retain his vice president of product title and work on Twitter's geolocation features, the Wall... LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that its third quarter loss widened slightly from last year, as higher costs and expenses more than offset a 45% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
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.