Merger canceled between Appleton Papers and Hicks Acquisition
Friday, July 13, 2012
Mergers and acquisitions are constantly impacting the stock market, but a recent foiled merger involving a noted paper maker is the latest to make the headlines.
Coated paper maker Appleton Papers and Hicks Acquisition Company II have mutually agreed to cancel their $675 million merger as the result of volatile market conditions.
Appleton Papers is based in Wisconsin and produces carbonless, thermal and security papers and generated close to $860 million in sales last year.
Hicks Acquisition, founded by Thomas Hicks, instituted a $150 million initial public offering in October 2010 and its shares were most recently trading 5 cents higher to $9.87.
"We entered into negotiations with the best intentions to create a combined business that would strengthen Appleton's balance sheet, support its businesses and give the company greater flexibility to pursue growth opportunities," said Mark Richards, Appleton chairman and chief executive. "Achieving those objectives is still part of our strategy going forward, and we will continue to pursue them as market conditions improve."
Investors should surround themselves with knowledge of the latest mergers and acquisitions and adjust their online stock trading activities accordingly.
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