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Graphic Packaging, Altivity merger on track despite second request from FTC
By Lisa Kerner
Charlotte, N.C., Aug. 23 - Graphic Packaging Corp. and Altivity Packaging, LLC each received a request for additional information, or a "second request," from the U.S. Department of Justice in their pending merger.
As a result, the Hart-Scott-Rodino waiting period is extended until 30 days after Graphic Packaging and Altivity have substantially complied with the second request.
According to a news release, both companies plan to respond quickly and believe the merger could close before the end of 2007, subject to shareholder approval.
It was previously reported that under the companies' definitive agreement, each existing share of Graphic Packaging common stock will be converted into a share of common stock in the new company. Affiliates of TPG Capital, the majority owner of Altivity, along with the management owners of the company, will contribute all of their equity interests in Altivity's holding company to the new company in exchange for shares of the new company's common stock.
The new company will be known as Graphic Packaging Holding Co. and will trade under the New York Stock Exchange ticker symbol "GPK."
Graphic Packaging is a paperboard packaging solutions provider located in Marietta, Ga.
Chicago-based Altivity is a privately held producer of folding cartons.
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