Verso Paper (VRS) Shares Nearly Double Amid Possible Business Combination with NewPage Corp.

July 3, 2012 9:48 AM EDT
Get Alerts VRS Hot Sheet
Trade VRS Now!
Join SI Premium – FREE
Shares of Verso Paper (NYSE: VRS) have surged a jaw-dropping 83 percent Tuesday morning following news late Monday the company has held discussions with certain holders of the 11.375% first-lien senior secured notes of NewPage Corporation. The talks are related to a potential business combination involving Verso and NewPage as part of a consensual plan of reorganization in NewPage’s Chapter 11 bankruptcy proceedings.

The terms of Verso’s proposed transaction would provide NewPage’s first-lien noteholders with $1.425 billion of value, consisting of $1.075 billion of new Verso first-lien notes, $150 million of Verso common stock, and $200 million of cash.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Momentum Movers

Related Entities


Add Your Comment