P.M. BRIEFING : Georgia-Pacific Extends Offer
ATLANTA — Georgia-Pacific Corp. said today it has been tendered 41.4 million shares, or over 75%, in its offer for rival paper maker Great Northern Nekoosa Corp.
Georgia-Pacific also extended its sweetened hostile bid of $63 a share, or $3.6 billion, through Jan. 22. The previous bid expired Friday.
In midday trading, Georgia-Pacific share prices were unchanged at $51.375, while Great Northern was down $1.25 at $59.125.
The acquisition would create a company that holds one-third of the paper-products market and would also hold about 17% of the timberland in Maine.
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