Verso forms special committee to review Atlas bid
For the City Times
WISCONSIN RAPIDS — Verso recently announced that its board of directors had formed a special committee to review and evaluate the “unsolicited acquisition proposal” made by Atlas Holdings LLC on July 11.
“The Special Committee is comprised of two non-executive, independent and disinterested directors, Robert K. Beckler and Nancy M. Taylor. Rothschild & Co is serving as financial advisor and Kirkland & Ellis LLP is serving as legal counsel to the Special Committee,” a Verso release stated.
“Consistent with its fiduciary duties and in consultation with its financial and legal advisors, the Special Committee will thoroughly review and evaluate the proposal and alternatives thereto. There can be no assurance that any negotiations between Verso and Atlas Holdings LLC regarding its proposal (or between Verso and any other party) will take place, and if such negotiations do take place, there can be no assurance that any transaction with Atlas Holdings LLC (or any other party) will occur or be consummated. Verso does not intend to comment on or disclose further developments regarding the Special Committee’s evaluation unless and until it deems further disclosure is appropriate or required.”
Atlas and its affiliates are a cluster of 23 “manufacturing and distribution businesses in the automotive, building materials, business services and solutions, construction, energy, industrial services, metals, packaging, pulp, paper, and logistics industries.” The company was founded in 2002, but says that many of their companies have been doing business for over a century.