Simpson Thacher Represents Goldman Sachs and Greenhill in Spin-Merger of MeadWestvaco’s Consumer & Office Products Business with ACCO Brands
11.18.11
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The Firm represents Goldman, Sachs & Co. and Greenhill & Co., LLC in connection with MeadWestvaco Corporation’s spin-merger of its Consumer & Office Products (“C&OP”) business with ACCO Brands Corporation. MeadWestvaco’s C&OP business will be spun off in a new entity which will be immediately merged into ACCO Brands in a transaction valued at approximately $860 million to MeadWestvaco and its shareholders on a pre-synergy basis. At closing, MeadWestvaco shareholders will receive 50.5% of the shares of ACCO Brands stock and MeadWestvaco will receive $460 million of cash. The transaction is expected to be completed in the first half of 2012. Goldman Sachs advised MeadWestvaco on the transaction and Greenhill provided an independent fairness opinion to MeadWestvaco’s board of directors.
MeadWestvaco (NYSE: MWV) provides packaging solutions to many of the world’s most-admired brands in the healthcare, beauty and personal care, food, beverage, home and garden, and tobacco industries. MWV Consumer & Office Products is a leading manufacturer and marketer of school supplies, office products, and planning and organizing tools, including the Mead®, Five Star®, At-A-Glance® and Tilibra® brands. ACCO Brands (NYSE: ABD) is one of the world's largest office supply manufacturers.
The Simpson Thacher team includes Brian Stadler, Ryan Gavin and Ravi Agarwal (M&A); Chris Brown (Financing); and Gary Mandel and Noah Beck (Tax).