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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (694)	5/6/2005 1:17:31 AM
From: richardred	Read Replies (1) \| Respond to of 7254

The money is in. This should leave the company with about 500 to 600 million to shop with. How long will it be burning a hole in their pocket? 05/02 14:43 DJ MeadWestvaco Completes Sale Of Papers Assets For $2.3B STAMFORD, Conn. (Dow Jones)--MeadWestvaco Corp. (MWV) completed the sale of its papers business and associated assets for $2.3 billion to NewPage Corp., a new company controlled by private New York-based investment firm Cerberus Capital Management L.P. In a press release Monday, packaging company MeadWestvaco said it plans to focus on expanding its higher margin packaging business globally by leveraging its strong positions in North America and Europe to further penetrate growth markets in Asia, Eastern Europe and Latin America. In January, MeadWestvaco said it reached a definitive agreement to sell its papers unit and associated assets. At closing, MeadWestvaco received cash proceeds of about $2.2 billion and a promissory note of $100 million. The company expects to use about $900 million to $1.1 billion of the proceeds to pay down debt, and between $500 million and $ 700 million for stock repurchases.