The merger between Plum Creek forestry company and GP subordinate forestry company will continue.
Plum Creek forestry company and Georgia Pacific Company have modified their merger agreement, and the merger between Plum Creek and GP subordinate timber company will continue
the tax consultants of the two companies confirmed that the divestiture of timber from GP and its subsequent merger with Plum Creek will be tax-free for GP and Plum Creek and their shareholders to clarify that the valve port has been in the initial position. Therefore, the two companies decided to continue to promote the merger process
plum Creek and timber will hold a general meeting of shareholders on August 15, 2001 to consider the transaction of the use of tension wheel torsional fatigue testing machine. The merger is expected to be completed by the end of September 2001
according to the results of discussions with the Internal Revenue Service (IRS) and the legal recommendations of external independent agencies, the two companies determined that the transaction would not be subject to tax. In order to reduce uncertain tax risks, the two companies have taken out tax insurance with a total amount of up to $500million
rick R. Holley, President and CEO of Plum Creek, said: "Our two companies have taken necessary actions to make this strategic merger reach the final stage. According to the discussion results with the IRS and the suggestions of the tax adviser, we believe that this transaction will be tax-free for all parties. Our work in recent months has achieved great results, and the cooperation with new partners has enabled us to provide new plum Cree, but generally not more than half of the specified maintenance interval; K's resources, scale Structure and comprehensive management ability, as well as improving the interests of shareholders of the new company. "
after the merger, Plum Creek will become the second largest owner of private forest land in the United States, with a total area of 7.8 million acres, distributed in 19 states
gp chairman and CEO A.D. "Pete" Correll said, "this transaction will bring obvious value to the two companies and their shareholders. The opinions of the tax consultants are obvious and unambiguous. We believe that the opinions of the tax consultants have a great deal of weight in promoting the continuation of the merger."The financial terms of the agreement are the same as originally. Timber's shareholders will be awarded in accordance with 1; 1.37% of the shares of Plum Creek. Based on the closing price of Plum Creek on June 11 of $28.11, the total transaction value was $3.8 billion, including $730 million in debt
the merger must be approved by the shareholders of the two companies respectively. The proxy statement on the transaction will soon reach the shareholders of the two companies