MIAMISBURG, Ohio, July 14, 2021 /PRNewswire/ -- Verso
Corporation (NYSE: VRS) confirmed that it has received an
unsolicited proposal from Atlas Holdings LLC regarding a potential
transaction to acquire all outstanding shares of Class A common
stock of Verso for $20.00 per share
in cash.
Consistent with its fiduciary responsibilities, Verso's Board of
Directors, in consultation with its financial and legal advisors,
will carefully review and evaluate the proposal to determine the
course of action that it believes is in the best interests of Verso
and its stockholders. Verso stockholders need take no action at
this time.
There can be no assurance that any negotiations between Verso
and Atlas Holdings LLC regarding this proposal will take place, and
if such negotiations do take place, there can be no assurance that
any transaction with Atlas Holdings LLC will occur or be
consummated. Verso does not intend to make any additional comments
regarding the proposal or any other related matter or potential
transaction unless and until it is appropriate to do so or a formal
agreement has been reached.
About Verso Corporation
Verso Corporation is a leading
American owned and operated producer of graphic, specialty and
packaging paper and market pulp, with a long-standing reputation
for quality and reliability. Verso's graphic paper products are
designed primarily for commercial printing, advertising and
marketing applications, including direct mail, catalogs, corporate
collateral, books and magazines. Verso's specialty paper products
include release liner papers and label face stock for pressure
sensitive, glue-applied and laminate applications. Verso produces
packaging paper used in higher-end packaging and printing
applications such as greeting cards, book covers, folders, labels
and point-of-purchase displays. Verso also makes market pulp used
in printing, writing, specialty and packaging papers, facial and
toilet tissue, and paper towels. For more information, visit us
online at versoco.com.
Forward-Looking Statements
In this press release, all
statements that are not purely historical facts are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements include information regarding the
unsolicited acquisition proposal and the response thereto, and
other forward-looking statements may be identified by the words
"believe," "expect," "anticipate," "project," "plan," "estimate,"
"intend," "potential" and other similar expressions.
Forward-looking statements are based on currently available
business, economic, financial, and other information and reflect
management's current beliefs, expectations, and views with respect
to future developments and their potential effects on Verso. Actual
results could vary materially depending on risks and uncertainties
that may affect Verso and its business. Verso's actual actions and
results may differ materially from what is expressed or implied by
these statements due to a variety of factors, including
uncertainties as to whether an agreement relating to any possible
transaction will be negotiated and executed, uncertainties as to
whether any possible transaction will be completed and the other
risks and uncertainties listed in Verso's Annual Report on Form
10-K for the year ended December 31,
2020 and filed with the Securities and Exchange Commission
(the "SEC") on March 1, 2021, as such
risks and uncertainties may be updated from time to time in Verso's
other filings with the SEC. Verso assumes no obligation to update
any forward-looking statement made in this press release to reflect
subsequent events or circumstances or actual outcomes.
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SOURCE Verso Corporation