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Smurfit-Stone Container Corp. Is Purchased By Rock-Tenn for $3.5 Billion
Rock-Tenn Co. http://www.rocktenn.com/ , maker of packaging for food and consumer products, said Sunday it agreed to purchase Smurfit-Stone Container Corp. http://www.smurfit.com/content/ for $3.5 billion in cash and stock just seven months after Smurfit emerged from bankruptcy proceedings.
The deal is the latest example of how companies such as Smurfit–a maker of containerboard and corrugated boxes that was beaten down by debt woes–are reborn in bankruptcy proceedings that can yield a low-cost sale to an opportunistic buyer. And it is a hopeful sign for the broader economy: Rock-Tenn is anticipating that consumers will buy more goods shipped in cardboard containers.
By CARRICK MOLLENKAMP And MIKE SPECTOR
Full Story: http://online.wsj.com/article/SB10001424052748704213404576100371125771378.html
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