Comments for: Verso drops possible merger with NewPage

Posted Sept. 06, 2012, at 6:47 a.m.

JAY | Verso Paper Corp. announced Wednesday that it has ceased further discussions with NewPage Corp. or its creditors regarding a potential merger, according to a press release on its website. Earlier this year, Verso announced it was looking to merge with the Ohio-based corporation, which operates a mill …

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  • Anonymous

    Yikes.  It’s never good when these mills start making headlines about financial issues.

  • Anonymous

    Shocker.  You mean New Page debt holders were not interested in what amounts to $200 million in cash and $1.230 billion in Verso notes and equity (aka monopoly money)?  Back to the old saying—a small pile of crap “consolidated” with a big pile of crap, is just a bigger pile of crap.  In other news, Wal-mart shareholders reject a buyout offer from Marden’s Surplus and Salvage.

  • Liberal Soup N Crackers

    This probably would have been a smart move on the part of both companies. Each company has some good, average assets that combined would provide synergy going forward. Otherwise, I think both are headed for a long, slow decline.

    • Anonymous

      Correct – except for the long and slow part (in my opinion). How long can they bleed?

      • Liberal Soup N Crackers

        Paper mills die a slow death. Just look at the length of time GN has been in the throes of death.

        • Anonymous

          After further consideration, you’re right. while I love the business, I’ve always been amazed how much cash people are willing to burn on their deathbed. Hope springs eternal, I suppose.

          • Liberal Soup N Crackers

            I was the Controller in a mill a while back that sucked $200M of cash from the parent company before they realized that publication papers were not the business they really wanted to be in after all.

  • Anonymous

    “Other potential strategic alternatives” would that be shutting down paper machines in Bucksport and becoming a power plant? Let’s face it unless you make toilet paper,computers,Kindles and reading news on line the paper industry is on it’s way out. This is sad but also true.

  • Anonymous

    Its really ironic that Millinocket’s town council is worried about the state’s wood supply. Yet the town is completely dependent on tourism for its businesses. I do not understand peoples’ rational.

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