Verso Corporation (NYSE: VRS) ("Verso" or the "Company") has just issued the following statement in response to Lapetus Capital II LLC ("Lapetus", and together with its affiliates, "Atlas") and BW Coated LLC ("BW Coated" and together with its affiliates, "Blue Wolf" and, collectively with Atlas, "Atlas and Blue Wolf"):
As Verso has just announced the 2019 annual meeting of stockholders of the Company, previously scheduled for January 21, 2020, has been rescheduled to January 31, 2020 in order to combine the matters to be voted on at the annual meeting with proposals related to the previously announced sale of Verso's Androscoggin and Stevens Point mills to Pixelle Specialty Solutions LLC (the "Pixelle Transaction").
Holding a single meeting will make it easier for stockholders to evaluate all proposals, streamline the proxy solicitation process, and if approved, expedite and facilitate the closing of the Pixelle Transaction and accelerate the return to stockholders of at least $225 million of the anticipated net cash proceeds of the Pixelle Transaction.
Earlier this month, Atlas and Blue Wolf communicated to Verso that it was pleased that the Company had put forth the Pixelle Transaction for consideration by stockholders and requested additional disclosure regarding the Pixelle Transaction. Disclosure regarding the Pixelle Transaction, including the anticipated net cash proceeds, has been publicly available in the Company's preliminary proxy statement filed with the Securities and Exchange Commission since December 11, 2019, and can be found on the "Investors" section of Verso's website, http://investor.versoco.com. The definitive proxy statement, when available, can be found online at http://www.proxyvoting.com/VRS.
Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. A leading North American producer of specialty and graphic papers, packaging and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products. This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users. For more information, visit us online at versoco.com.