Champion International Corporation and International Paper Company Agree to Merge; Shareholders to Receive $ 75 Per Share in Cash and Stock.Business Editors STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn.--(BUSINESS WIRE)--May 12, 2000 Champion International Corporation (NYSE NYSE See: New York Stock Exchange :CHA n. 1. Tea; - the Chinese (Mandarin) name, used generally in early works of travel, and now for a kind of rolled tea used in Central Asia. A pot with hot water . . . made with the powder of a certain herb called chaa, which is much esteemed. - Tr. J. ) announced today that its board of directors has accepted an offer from International Paper Company of $75 per share for all outstanding shares of Champion common stock. The company signed a merger agreement with International Paper after a meeting of its board on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant evening. The agreement provides for an exchange offer in which Champion shareholders will receive $75 per share, two-thirds in cash and one-third in International Paper stock. However, if International Paper common stock is trading at less than $34 per share at the time of the merger, the share portion of the price will be converted into International Paper shares at a rate of 2.20588 International Paper shares for each Champion share. Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a E. Olson, Champion's chairman and chief executive officer, said, "This merger agreement with International Paper recognizes the value of Champion's assets and its excellent workforce. We have met the objectives of our shareholders and during the coming weeks we will be working hard to make the integration of Champion into International Paper one that will be good for our customers and our employees." The company said that it expects the merger to be completed mid-year. |
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