KapStone Paper's stock soars on heavy volume after WestRock buyout deal [MarketWatch]
Westrock Company (WRK)
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Source: MarketWatch
KapStone Paper's stock soars on heavy volume after WestRock buyout deal Shares of KapStone Paper & Packaging Corp. KS, +30.01% soared 32% toward a three-year high in very active premarket trade Monday, after the paper and containerboard producer announced an agreement to be acquired by WestRock Co. WRK, -1.04% in a deal valued at $4.9 billion, including debt. Volume was 1.4 million shares about 45 minutes before the open, making the stock the most actively traded in the premarket. Under terms of the deal, KapStone shareholders will receive $35 for each KapStone share they own, which is 32% above Friday's closing price of $26.54 and implies a market capitalization of about $3.4 billion. KapStone shareholder will have the option wto receive cash or 0.4981 of WestRock shares, with the equity consideration capped at 25% of the outstanding KapStone shares. WestRock said it will finance the cash portion of the deal with new debt. The deal, which is expected to close during the third q
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WRK
Earnings
- 2/1/24 - Miss
WRK
Sec Filings
- 4/3/24 - Form 425
- 3/13/24 - Form 4
- 3/13/24 - Form 425
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