- Filing of certain prospectuses and communications in connection with business combination transactions (425)
24 January 2011 - 10:26PM
Edgar (US Regulatory)
Filed by Smurfit-Stone Container Corporation
Pursuant to Rule 425 Under the Securities Act of 1933
And Deemed Filed Pursuant to Rule 14a-12
Under the Securities Exchange Act of 1934
Subject Company: Smurfit-Stone Container Corporation
Commission File No.: 001-03439
Employee Message from Pat Moore
Today we announced that Smurfit-Stone agreed to be acquired by RockTenn, an industry leader in consumer packaging based in Norcross, GA, a suburb of Atlanta.
We are joining forces with RockTenn to build a stronger company going forward one that delivers long-term value to shareholders and positions the company to grow with our customers. The combined company will have a strong financial structure and cash flows which allow for further investment to improve and grow the business.
RockTenns operating philosophy is very similar to Smurfit-Stones: they are committed to creating and delivering value through innovation; they are focused on new product ideas, growing revenue, equipment effectiveness and talent management; and are committed to continuously reducing costs and increasing customer satisfaction through a performance-based, data-driven culture.
I want you to know that Im proud of our company and the people of Smurfit-Stone. In many ways, this transaction recognizes all the great work weve done to improve our operations and strengthen our financial position through our business transformation and restructuring process. Together, we have created a valuable company one with loyal customers, outstanding products and a solid financial foundation.
Under the terms of the merger agreement, Smurfit-Stone has agreed to be acquired by RockTenn for an amount valued at $35 per share, with 50 percent of the value to be in cash and 50 percent to be in RockTenn stock.
Our board of directors intends to recommend to shareholders that the company be sold to RockTenn in this transaction. Following shareholder
approval from both companies and required regulatory approval, we expect to complete the sale by the end of the second calendar quarter of 2011.
I realize that there are many questions about the transaction and what it means to everyone, but at this very early stage in the process, we dont have all the answers. As the sale process continues, we will work to keep everyone informed and provide information and answers to your questions as soon as possible. Please refer to the Q&A document attached below to answer some preliminary questions.
For now, our focus must be on continuing to provide outstanding products and services to our customers and profitably, efficiently and safely growing our business. Thank you for your ongoing support.
-- Pat
[link to press release]
[link to Q&A]
Cautionary Statement Regarding Forward-Looking Information
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as may, will, anticipate, estimate, expect, project, intend, plan, believe, target, forecast, and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Smurfit-Stone cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement. Such forward-looking statements include, but are not limited to, statements regarding the anticipated closing date of the transaction, the successful closing of the transaction and the integration of Smurfit-Stone as well as opportunities for operational improvement including but not limited to cost reduction and capital investment, the strategic opportunity and perceived value to RockTenn and Smurfit-Stones shareholders of the transaction, the opportunity to recognize benefits from Smurfit-Stones NOLs, the transactions impact on, among other things, RockTenns business mix, margins, transitional costs and integration to achieve the synergies and the timing of such costs and synergies and earnings. With respect to these statements, Smurfit-Stone has made assumptions regarding, among other things, whether and when the proposed transaction will be approved; whether and when the proposed transaction will close; the availability of financing on satisfactory terms; the amount of debt RockTenn will assume; the results and impacts of the
acquisition; preliminary purchase price allocations which may include material adjustments to the preliminary fair values of the acquired assets and liabilities; economic, competitive and market conditions generally; volumes and price levels of purchases by customers; competitive conditions in RockTenn and Smurfit-Stones businesses and possible adverse actions of our respective customers, competitors and suppliers. Further, Rock-Tenn and Smurfit-Stones businesses are subject to a number of general risks that would affect any such forward-looking statements including, among others, decreases in demand for their products; increases in energy, raw materials, shipping and capital equipment costs; reduced supply of raw materials; fluctuations in selling prices and volumes; intense competition; the potential loss of certain customers; and adverse changes in general market and industry conditions. Such risks and other factors that may impact managements assumptions are more particularly described in RockTenn and Smurfit-Stones filings with the Securities and Exchange Commission, including under the caption Business Forward-Looking Information and Risk Factors in RockTenns Annual Report on Form 10-K for the most recently ended fiscal year and Business Risk Factors and Forward-Looking Information in Smurfit-Stones Annual Report on Form 10-K for the most recently ended fiscal year. The information contained herein speaks as of the date hereof and Smurfit-Stone does not have or undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information and Where to Find It
In connection with the proposed transaction, RockTenn and Smurfit-Stone will be filing documents with the Securities and Exchange Commission (the
SEC
), including the filing by RockTenn of a registration statement on Form S-4 that will include a joint proxy statement of RockTenn and Smurfit-Stone that also constitutes a prospectus of RockTenn.
RockTenn and Smurfit-Stone stockholders are urged to read the registration statement on Form S-4 and the related joint proxy statement/prospectus when they become available, as well as other documents filed with the SEC, because they will contain important information
. The final joint proxy statement/prospectus will be mailed to stockholders of RockTenn and stockholders of Smurfit-Stone. Investors and security holders may obtain free copies of these documents (when they are available) and other documents filed with the SEC at the SECs web site at www.sec.gov, or by contacting RockTenn Investor Relations at (678) 291-7900 or Smurfit-Stone Investor Relations at (314) 656-5553.
Participants in the Merger Solicitation
RockTenn, Smurfit-Stone and their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the transaction. Information concerning RockTenns executive officers and directors is set forth in its definitive proxy statement filed with the SEC on December 17, 2010. Information concerning Smurfit-Stones executive officers and directors is set forth in its annual report on Form 10-K for the year ended December 31, 2010, which was filed with the SEC on March 2, 2010, and in its current report on Form 8-K filed on July 7, 2010. Additional information regarding the interests of participants of RockTenn and Smurfit-Stone in the solicitation of proxies in respect of the transaction will be included in the above-referenced registration statement on Form S-4 and joint proxy statement/prospectus when it becomes available. You can obtain free copies of these documents from RockTenn and Smurfit-Stone using the contact information above.
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