Graphic Packaging shareholders OK merger with Altivity

By Lisa Kerner

Charlotte, N.C., Jan. 17 - Graphic Packaging Corp. stockholders approved the company's proposed combination with Altivity Packaging, LLC at a special meeting on Thursday.

Preliminary results show that more than 88% of the outstanding shares were cast in favor of the transaction with all related matters also receiving shareholder approval.

"Today's vote is the latest demonstration of the strong support for the combination of our two companies," Graphic Packaging president and chief executive officer David Scheible said in a company news release.

The New York Stock Exchange granted approval for the shares of the new public company, Graphic Packaging Holding Co., to be listed under the ticker symbol "GPK" once the transaction is completed.

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.

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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