: Veritiv to be acquired by Clayton, Dubilier & Rice at a 20% premium, valuing the company at $2.3 billion


Veritiv Corp. announced Monday an agreement to be acquired by private investment firm Clayton, Dubilier & Rice LLC in a deal that values the packaging and hygiene products company at about $2.3 billion. Veritiv’s stock was halted for news, and was inactive in the premarket prior to the halt. Under terms of the deal, Veritiv shareholders will receive $170 a share in cash for each Veritiv share they own, which represents a 20.4% premium to Friday’s closing price of $141.21. The deal, which has been “unanimously” approved by Veritiv’s board, is expected to close in the fourth quarter of 2023. Separately, Veritiv said it will pay a regular quarterly dividend of 63 cents a share on Sept. 13, to shareholders of record on Aug. 17. Veritiv’s stock has run up 29.0% over the past three months while the S&P 500 SPX, -0.53% has gained 8.3%.

This article was originally published by Marketwatch.com. Read the original article here.

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