International Paper (IP) Completes $226M Majority Acquisition of Andhra Pradesh Paper Mills
Tweet
Share
E-mailGet Alerts IP Hot Sheet
Join SI Premium – FREE
International Paper (NYSE: IP) has completed the acquisition of a 75 percent stake in Andhra Pradesh Paper Mills (APPM).
International Paper purchased 53.5 percent of the APPM shares from Mr. L.N. Bangur and related family members and affiliates for approximately $226 million in cash.
These sellers have also entered into a covenant not to compete, for which they received a cash payment of U57 million. In addition, International Paper acquired an additional 21.5 percent of APPM shares in a public tender offer completed on October 8, 2011, for approximately $105 million in cash. Paul Brown, president, IP India, will become executive chairman of the APPM Board of Directors, effective today.
International Paper purchased 53.5 percent of the APPM shares from Mr. L.N. Bangur and related family members and affiliates for approximately $226 million in cash.
These sellers have also entered into a covenant not to compete, for which they received a cash payment of U57 million. In addition, International Paper acquired an additional 21.5 percent of APPM shares in a public tender offer completed on October 8, 2011, for approximately $105 million in cash. Paul Brown, president, IP India, will become executive chairman of the APPM Board of Directors, effective today.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Real and RE/MAX Holdings receive court approval for merger
- Two Harbors receives final approval for CrossCountry Mortgage merger
- Nu Skin EVP of global sales takes medical leave
Create E-mail Alert Related Categories
Corporate News, Mergers and AcquisitionsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
