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Deal will put Georgia-Pacific in new hands
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Deal will put Georgia-Pacific in new hands
$21 BILLION SURPRISE
By RENÉE DeGROSSCox News Service
Monday, November 14, 2005
In a deal that surprised Georgia-Pacific chief executive A.D.
"Pete" Correll when it was first proposed to him last month and was just as stunning when publicly disclosed Sunday, Kansas-based Koch Industries will acquire G-P for $21 billion.
The move by privately held Koch will combine the world's largest nylon maker with $60 billion in sales with Georgia's fifth-largest publicly traded company and the maker of well-known consumer products such as Brawny paper towels and Quilted Northern toilet paper.
The $48-per-share offer will pay Georgia-Pacific shareholders a 39 percent premium on their shares, which closed Friday at $34.65.
At the same time, it places Atlanta-based G-P, a longtime member of the prestigious Fortune 500, into private hands.
As for Koch, which is headquartered in Wichita, the transaction is the largest in its hi...
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