Mayer Brown Reps Packaging Corp. In $2B Deal For Rival

Law360, New York (September 16, 2013, 11:14 AM EDT) -- Packaging Corp. of America has agreed to buy smaller rival Boise Inc. in a deal valued at nearly $2 billion including debt, the companies said Monday.

PCA will pay $12.55 per share — a 26 percent premium over Friday's close — for an equity value of about $1.26 billion and will assume Boise's $714 million in outstanding debt. Excluding the $105 million in expected cost savings from the merger, the purchase price is five times Boise's earnings before interest, taxes, depreciation and amortization over the past...
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