DOJ ends waiting period for office product producer Acco Brands' acquisition of MeadWestvaco's consumer and office product division; US$860M deal expected to close in Q2
February 13, 2012
– Office product producer Acco Brands Corp. said that federal antitrust regulators at the U.S. Department of Justice have ended the waiting period for its acquisition of MeadWestvaco Corp.'s consumer and office product division.
Acco Brands also said Monday that a waiting period for Canadian antitrust authorities to review the merger has ended. Now that antitrust regulators have stepped aside, the deal is still subject to shareholder approval.
MeadWestvaco announced in November that it would spin off its consumer and office products division to Acco in a deal worth $860 million.
The acquisition is expected to close in the second quarter of the year. After the deal is completed, MeadWestvaco shareholders will own 50.5 percent of the combined company. The combined business will be managed by Acco, but MeadWestvaco will select two directors to join its board of directors.
Richmond, Va.-based MeadWestvaco makes Mead, Five Star and At-A-Glance branded office and school supplies. Lincolnshire, Ill.-based Acco Brands Corp. makes Swingline staplers and Day-Timer planners.
Shares of Acco Brands rose 26 cents, or 2.4 percent, to $11.21 in morning trading. MeadWestvaco lost 7 cents, or less than 1 percent, to $29.71.
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