In Brief : Stone Corp. to Bid for Canada Firm
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CHICAGO — Stone Container Corp. announced today it intends to make a $2.2-billion offer for Consolidated-Bathurst Inc. of Quebec, one of Canada’s largest paper and packaging companies.
Stone Container, based in Chicago, is the world’s largest producer of unbleached containerboard and kraft paper, and converts those products into containers and bags.
The offer, which amounts to 25 Canadian dollars per common share, would include about 102.4 million common shares outstanding of Consolidated-Bathurst stock and about 2 million preferred shares outstanding, Stone Container said.
“We believe that Consolidated-Bathurst is an outstanding company, with excellent management and personnel,” said Roger W. Stone, chairman, president and chief executive officer of Stone Container.
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