Verso Corporation Urged Atlas Holding to Revise its Takeover Bid

The Special Committee of the Board of Directors of Verso had informed Atlas that its earlier $20.00 per share all-cash offer was insufficient.

SEATTLE (Scrap Monster): Miamisburg, Ohio-based paper mill company Verso Corporation announced that it has entered into a Confidentiality Agreement with Atlas Holdings LLC. Under the terms of the agreement, the two parties have agreed to exchange additional information, which will facilitate ongoing discussions regarding the bid offer placed by Atlas Holding to acquire Verso Corporation.

The Special Committee of the Board of Directors of Verso had informed Atlas that its earlier $20.00 per share all-cash offer was insufficient. A potential transaction would be considered by the Special Committee only if Atlas is willing to agree for a meaningful increase in its offer.

ALSO READ: Verso Corp. Delivered Robust Performance in Second Quarter

The company press release noted that there is no assurance that further negotiations will take place between the companies following the exchange of additional information. If such negotiations do take place, there can be no assurance that any transaction will occur. Further disclosures will be made only if the company find it appropriate or required, it noted. Furthermore, it advised that the company’s shareholders do not need to take any action at this point of time.

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