P.M. BRIEFING : Bid for Great Northern Extended
Lumber giant Georgia-Pacific Corp. said today that it extended its $3.6-billion offer for paper maker Great Northern Nekoosa Corp. to Dec. 11 from Monday, when the offer had been scheduled to expire.
The Atlanta-based company, whose offer has been rejected by Great Northern, also said that as of Monday, 32,319,729 shares or nearly 59% of Great Northern’s stock had been tendered.
“That is a very substantial percentage, and we believe the shareholders are sending the clear message to Great Northern’s board and management that they want our offer to be accepted,” T. Marshall Hahn Jr., Georgia-Pacific’s chairman and chief executive officer, said in a statement.
Georgia-Pacific’s initial bid of $58 a share, or $3.19 billion, was made Oct. 31. The company sweetened its cash offer to $63 a share Nov. 20.
Great Northern’s stock traded at $61.50 at midday today, up 12.5 cents.
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