MIAMISBURG, Ohio, Sept. 21, 2021 /PRNewswire/ -- Verso
Corporation (NYSE: VRS) ("Verso" or "the Company") today announced
that it has entered into a Confidentiality Agreement (the
"Agreement") with Atlas FRM LLC (d/b/a Atlas Holdings LLC)
("Atlas"). The special committee (the "Special Committee") of the
Board of Directors of Verso previously communicated to Atlas its
determination, made in consultation with its financial and legal
advisors, that Atlas' previously disclosed $20.00 per share all-cash offer to acquire Verso
was insufficient and that the Special Committee would only consider
a potential transaction if Atlas meaningfully increased its offer
from $20.00. The two parties agreed
to exchange additional information under the terms of the Agreement
to facilitate ongoing discussions regarding a potential transaction
with Atlas on mutually acceptable terms.
There can be no assurance that any negotiations between Verso
and Atlas will take place following the exchange of additional
information, and if such negotiations do take place, there can be
no assurance that any transaction with Atlas (or any other party)
will occur or be consummated. Verso does not intend to comment on
or disclose further developments regarding the Special Committee's
evaluation unless and until it deems further disclosure is
appropriate or required.
Verso stockholders do not need to take any action at this
time.
Rothschild & Co is acting as financial advisor and Kirkland
& Ellis LLP is serving as legal counsel to the Special
Committee.
About Verso Corporation
Verso Corporation is a leading
American owned and operated producer of graphic, specialty and
packaging paper and market pulp, with a long-standing reputation
for quality and reliability. Verso's graphic paper products are
designed primarily for commercial printing, advertising and
marketing applications, including direct mail, catalogs, corporate
collateral, books and magazines. Verso's specialty paper products
include release liner papers and label face stock for pressure
sensitive, glue-applied and laminate applications. Verso produces
packaging paper used in higher-end packaging and printing
applications such as greeting cards, book covers, folders, labels
and point-of-purchase displays. Verso also makes market pulp used
in printing, writing, specialty and packaging papers, facial and
toilet tissue, and paper towels. For more information, visit us
online at versoco.com.
Forward-Looking Statements
In this press release, all
statements that are not purely historical facts are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements include information regarding the
unsolicited acquisition proposal and the response thereto, and
other forward-looking statements may be identified by the words
"believe," "expect," "anticipate," "project," "plan," "estimate,"
"intend," "potential" and other similar expressions.
Forward-looking statements are based on currently available
business, economic, financial, and other information and reflect
management's current beliefs, expectations, and views with respect
to future developments and their potential effects on Verso. Actual
results could vary materially depending on risks and uncertainties
that may affect Verso and its business. Verso's actual actions and
results may differ materially from what is expressed or implied by
these statements due to a variety of factors, including
uncertainties as to whether an agreement relating to any possible
transaction will be negotiated and executed, uncertainties as to
whether any possible transaction will be completed and the other
risks and uncertainties listed in Verso's Quarterly Report on Form
10-Q for the quarterly period ended June 30,
2021, filed with the Securities and Exchange Commission
("SEC") on August 6, 2021, and
Verso's Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on
March 1, 2021, as such risks and
uncertainties may be updated from time to time in Verso's other
filings with the SEC. Verso assumes no obligation to update any
forward-looking statement made in this press release to reflect
subsequent events or circumstances or actual outcomes.
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SOURCE Verso Corporation