Following the end of a tender offer, Packaging Corp. of America (NYSE:PKG) is now the owner of Boise (NYSE:BZ). The company announced that with the expiration of the offer at midnight this past Thursday, Boise has become its wholly owned subsidiary.
Packaging Corp. had offered $12.55 per share in cash for each Boise share. All told, just over 67.4 million shares were tendered, or roughly 66.8% of the outstanding stock. All shares not purchased in the offer have officially been converted into the right to receive that $12.55 offering price.
Boise, currently listed on the New York Stock Exchange, will be delisted in the near future.
Packaging Corp. initially announced its intention to acquire the company this past September.
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