LINCOLNSHIRE, Ill.,
April 23, 2012 /PRNewswire/ -- ACCO
Brands Corporation (NYSE:ABD), a world leader in branded office
products, announced today that at a special meeting of
shareholders, ACCO Brands shareholders overwhelmingly approved a
proposal to issue the ACCO Brands common stock necessary to
complete the merger of MeadWestvaco Corporation's (NYSE:MWV)
Consumer & Office Products business with a wholly owned
subsidiary of ACCO Brands.
ACCO Brands Chairman and Chief Executive Officer Robert J. Keller said, "We are very pleased with
today's vote approving our pending merger and the continued
confidence and support we've received from our shareholders. We are
looking forward to completing this transaction and improving the
competitive positioning of our business."
The new shares to be issued will begin trading on a when-issued
basis tomorrow, April 24, 2012, under
the NYSE ticker symbol "ACCO wi." The completion of the
merger remains subject to the satisfaction or waiver of several
conditions but it is expected that the merger will be completed
before the opening of NYSE trading on May
1, 2012. Effective with the opening of trading on
May 1, 2012, and assuming completion
of the merger prior to that time, all outstanding ACCO Brands
common stock will trade under the new ticker symbol "ACCO."
About the Transaction
As previously announced, on November 17,
2011, ACCO Brands and MeadWestvaco signed a definitive
agreement to merge MeadWestvaco's Consumer & Office Products
business into ACCO Brands in a transaction which was valued at
approximately $860 million at the
time of the announcement. Upon completion of the transaction,
MeadWestvaco shareholders will own 50.5 percent of the combined
company.
About ACCO Brands Corporation
ACCO Brands Corporation is a world leader in branded office
products. Its industry-leading brands include Day-Timer®,
Swingline®, Kensington®, Quartet®, GBC®, Rexel, NOBO, Derwent,
Marbig and Wilson Jones®, among others. Under the GBC brand, the
company is also a leader in the professional print finishing
market.
Forward-Looking Statements
This press release contains certain statements which may
constitute "forward-looking statements" as that term is defined in
the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to certain risks
and uncertainties, are made as of the date hereof and the company
assumes no obligation to update them.
Forward-looking statements relating to the proposed merger
involving ACCO Brands and the Consumer & Office Products
business of MeadWestvaco Corporation include, but are not limited
to: statements about the benefits of the proposed merger, including
future financial and operating results; ACCO Brands' plans,
objectives, expectations and intentions; the expected timing of
completion of the merger; and other statements relating to the
merger that are not historical facts. With respect to the
proposed merger, important factors could cause actual results to
differ materially from those indicated by such forward-looking
statements, including, but not limited to: the risk that a
condition to closing of the merger may not be satisfied; the length
of time necessary to consummate the merger; the risk that the cost
savings and any other synergies from the transaction may not be
fully realized or may take longer to realize than expected and the
impact of additional indebtedness. These risks, as well as
other risks associated with the proposed merger, are more fully
discussed in the proxy statement/prospectus included in the
registration statement on Form S-4 that ACCO Brands filed with the
United States Securities and Exchange Commission ("SEC") on
March 22, 2012 in connection with the
proposed merger.
SOURCE ACCO Brands Corporation