International Paper (IP) – As previously announced, immediately following the spinoff of the xpedx business to International Paper shareholders, UWW Holdings, Inc., the parent company of Unisource Worldwide, Inc. will merge with and into the xpedx business to form a new, publicly-traded company, Veritiv Corporation (“Veritiv”), to be listed on the New York Stock Exchange (“NYSE”).
Immediately after the spinoff and the merger, Veritiv will own and operate the combined distribution solutions businesses of xpedx and Unisource. The International Paper board of directors has declared a pro rata distribution to International Paper shareholders of 8,160,000 shares of Veritiv common stock, representing all the shares of common stock of Veritiv outstanding prior to the merger. The distribution is subject to the satisfaction or waiver of certain conditions. Each holder of shares of International Paper common stock outstanding as of 5:00 p.m. New York City time on June 20, 2014, the record date set by International Paper’s board of directors, will be entitled to receive a number of shares of Veritiv common stock on the distribution date, July 1, 2014. Based on the number of International Paper shares currently outstanding, the distribution ratio is expected to be approximately 0.0188 shares of Veritiv common stock for each share of International Paper common stock. International Paper will announce the definitive distribution ratio promptly after the record date.
Veritiv common stock is expected to begin trading on a “when-issued” basis on the NYSE under the symbol “VRTV WI” beginning on June 18, 2014. On July 2, 2014, “regular way” trading under the symbol “VRTV” is expected to begin. The CUSIP number for the Veritiv common stock will be 923454 102 when regular way trading begins. Source: Press Release
