logo
Share SHARE
FONT-SIZE Plus   Neg

ACCO Brands Shareholders Approve Merger With MeadWestvaco's Consumer Unit

ACCO Brands Corp. (ABD) announced that its shareholders overwhelmingly approved a proposal to complete the merger of MeadWestvaco Corp.'s (MWV) Consumer & Office Products business with a wholly owned subsidiary of ACCO Brands.

ACCO Brands stated that the new shares to be issued will begin trading on a when-issued basis tomorrow, April 24, 2012, under the NYSE ticker symbol "ACCO wi." The completion of the merger remains subject to the satisfaction or waiver of several conditions but it is expected that the merger will be completed before the opening of NYSE trading on May 1, 2012.

Effective with the opening of trading on May 1, 2012, and assuming completion of the merger prior to that time, all outstanding ACCO Brands common stock will trade under the new ticker symbol "ACCO", the company said.

In November, 2011, ACCO Brands and MeadWestvaco had said it signed a definitive agreement to merge MeadWestvaco's Consumer & Office Products business into ACCO Brands in a transaction which was valued at approximately $860 million at the time of the announcement. Following the completion of the transaction, MeadWestvaco shareholders will own 50.5 percent of the combined company.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Just over a year in market and it is getting out from the stores - That's going to be the fate for Microsoft's affordable Windows tablet, the Surface 3. The firm reportedly has confirmed its plans to end the production of the Surface 3 by the end of December 2016, citing the limited inventory for the device. Delta Air Lines Inc. (DAL) pilots, represented by the Air Line Pilots Association International, are picketing on Friday at several airports across the country. The pilots said the picketing was to raise the sense of urgency in ongoing contract negotiations. The negotiations between the pilots... Charter Communications, and its recently acquired subsidiary Time Warner Cable, have been regularly overcharging its consumers to a tune of $7.2 million per year, according to a report from the U.S. Senate's Permanent Subcommittee on Investigations. According to the report, Time Warner Cable over-billed...
comments powered by Disqus
Follow RTT