Aldabra stockholders say 'yes' to Boise Cascade acquisition

By Lisa Kerner

Charlotte, N.C., Feb. 5 - Aldabra 2 Acquisition Corp. stockholders approved the company's buyout of Boise Cascade, LLC's packaging and paper manufacturing businesses at a special meeting on Tuesday.

The transaction is expected to close during the last week of February.

Aldabra will change its name to Boise Inc. and will list its common stock and warrants for trading on the New York Stock Exchange under the new symbols "BZ" and "BZ.WS," respectively.

"We are happy with the performance of the company and the growth prospects of Boise Inc. as a standalone public company," designated Boise Inc. chief executive officer Alexander Toeldte said in a company news release.

"The paper market dynamics remain positive, and our business continues to perform very well. Additionally, we are beginning to see positive results from the acquisitions and investments we have made over the past 24 months," Toeldte added.

It was previously reported that Aldabra agreed to acquire Boise Cascade's Boise White Paper, LLC, Boise Packaging & Newsprint, LLC and Boise Cascade Transportation Holdings Corp. in a cash and stock deal valued at $1.63 billion.

Boise Cascade manufactures and sells corrugated containers, paper, pulp and newsprint. The company is based in Boise, Idaho.

Aldabra is a special-purpose acquisition corporation based in New York.

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