Veritiv to be acquired by CD&R for $170 per share in cash

Veritiv announced that it has entered into a definitive agreement to be acquired by an affiliate of Clayton, Dubilier & Rice, LLC. Under the terms of the agreement, each share of Veritiv common stock issued and outstanding immediately prior to the closing of the transaction will be entitled to receive $170 per share in cash, representing a nearly 31% premium over Veritiv’s 30-day volume-weighted average price of $129.89. Having determined that the offer is in the best interests of the company and its shareholders, Veritiv’s Board of Directors has unanimously voted to approve the transaction and recommends that shareholders vote in favor of the transaction. The transaction remains subject to shareholder approval and other customary closing conditions, including the receipt of required regulatory approvals, and is expected to close in the fourth quarter of 2023. Upon the completion of the transaction, Veritiv will become a privately held company and shares of Veritiv common stock will no longer be listed on any public markets. In connection with the transaction, funds managed by Baupost entered into a Support Agreement under which they have agreed to vote their shares in favor of the transaction.