Veritiv Corp. to be Acquired by Clayton, Dubilier & Rice LLC

Veritiv Corp., a leading packaging and hygiene products company, has announced a definitive agreement to be acquired by private investment firm Clayton, Dubilier & Rice LLC in a deal valued at approximately $2.3 billion. This strategic move marks an important milestone for Veritiv and reflects the company's strong position in the market.

Acquisition Details

Under the terms of the agreement, Veritiv shareholders will receive $170 in cash for each Veritiv share they own. This represents a significant 20.4% premium to the closing price of $141.21 on the previous trading day. The acquisition is set to be completed in the fourth quarter of 2023, subject to customary closing conditions and regulatory approvals.

Unanimous Board Approval

Veritiv's board of directors has unanimously approved the acquisition, highlighting the confidence they have in the long-term benefits it will bring to the company and its shareholders. This decision is a testament to Veritiv's strong financial performance and commitment to delivering value to its stakeholders.

Dividend Announcement

Additionally, Veritiv announced that it will pay a regular quarterly dividend of 63 cents per share on September 13th, 2023, to shareholders of record as of August 17th, 2023. This dividend distribution underscores Veritiv's commitment to rewarding its shareholders for their continued support.

Strong Market Performance

Veritiv's stock has demonstrated impressive growth over the past three months, increasing by 29.0%. In comparison, the S&P 500 has gained 8.3% during the same period, further highlighting Veritiv's strong market position and performance.