Asia Paper Manufacturing Co., Ltd. signed a statutory merger agreement to acquire Asia Papertec Inc.
September 14, 2012 at 12:00 am EDT
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Asia Paper Manufacturing Co., Ltd. (KOSE:A002310) signed a statutory merger agreement to acquire Asia Papertec Inc. (KOSE:A009380) in stock on September 14, 2012. As part of the consideration, 0.5785436 shares of Asia Paper Manufacturing Co., Ltd. will be distributed per 1 common stock of Asia Papertec and 0.1017574 common stocks of Asia Paper Manufacturing will be distributed per 1 preferred stock of Asia Papertec. Asia Paper Manufacturing Co., Ltd. is issuing 2.9 million shares as part of consideration. After the transaction, Asia Paper Manufacturing will survive and Asia Papertec will be dissolved.
The transaction has been resolved by Board of Directors of Asia Paper Manufacturing Co on September 14, 2012. The transaction is subject to approval by shareholders of Asia Paper Manufacturing Co and Asia Papertec Inc.'s in a meeting to be held on October 2, 2012 and November 9, 2012 and is expected to close on January 1, 2013. Period of submission of objections from creditors is November 10, 2012 to December 11, 2012. The transaction was approved by shareholders of Asia Papertec Inc. on November 9, 2012.
Asia Paper Manufacturing Co., Ltd is a Korea-based company principally engaged in the manufacture of linerboards and corrugated boxes. The Company provides linerboards including test linerboards, which are used for package of industrial products and agricultural products; gypsum linerboards, which are used in architecture gypsum boards, and kraft papers. In addition, it is engaged in the manufacture and sales of corrugated cardboards and corrugated boxes through its subsidiaries. The Company also involves in the real estate leasing business. It distributes its products within domestic market and to overseas markets. The Companyâs main clients are Samsung Electronics, LG Electronics, CHEIL Industrial and others. On January 1, 2013, it merged with ASIA PAPERTEC INC., a Korea-based manufacturer of corrugated papers. After the merger, the Company survived and ASIA PAPERTEC was dissolved.
ASIA PAPER MANUFACTURING. CO., LTD 