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Verso Corporation (NYSE: VRS) announced a Confidentiality Agreement with Atlas Holdings LLC to explore a potential acquisition. The company’s Special Committee has determined that Atlas's initial offer of $20.00 per share is insufficient and seeks a higher bid. Both parties will exchange information to facilitate discussions on acceptable terms. However, Verso cautions that there are no guarantees of future negotiations or a completed transaction. Investors are advised that no action is necessary at this time.
Verso Corporation (NYSE: VRS) reported a strong second quarter in 2021, with net sales reaching $329 million, marking a 23% increase from the prior year. The company also achieved a net income of $16 million, reversing a loss of $34 million during the same period in 2020. Adjusted EBITDA was $52 million with a margin of 15.8%. The Board declared a quarterly cash dividend of $0.10 per share, payable on September 28, 2021. Verso remains focused on operational strategies that leverage industry trends and demand increases.
Verso Corporation (NYSE: VRS) announced a conference call for analysts and investors on August 6, 2021, at 9 a.m. (EST) to discuss its second quarter 2021 financial results. Participants can access the call via a phone number or through an online link available on Verso's website. A telephonic replay will be available until September 3, 2021. Verso is a leading producer of graphic, specialty, and packaging paper, known for its quality products tailored for various applications. This announcement provides investors insight into the upcoming financial results.
Verso Corporation (NYSE: VRS) has received an unsolicited acquisition proposal from Atlas Holdings LLC, offering $20.00 per share for all outstanding Class A common stock. The Board of Directors will assess the proposal with its financial and legal advisors to determine the best course of action for shareholders. There are no guarantees of a negotiation or transaction occurring, and shareholders are advised to take no immediate action. The company is a prominent producer of graphic, specialty, and packaging papers, known for quality and reliability.
Verso Corporation (NYSE: VRS) announced the results of its modified Dutch auction tender offer, which ended on June 10, 2021. The company accepted 3,039,712 Shares at $18.10 each, costing approximately $55.0 million, which represents about 9% of its total outstanding shares. The tender offer included an additional purchase of 1,038 Shares as allowed. Following this buyback, Verso will have around 29.6 million Shares outstanding, funded through available cash. BofA Securities acted as the dealer manager for this tender offer.
Verso Corporation (NYSE: VRS) announced the preliminary results of its modified Dutch auction tender offer, which concluded on June 10, 2021. The company plans to purchase up to $55 million of its Class A common stock at a price of $18.10 per share. A total of 3,039,712 shares were tendered and are expected to be accepted for purchase, representing approximately 9% of the total shares outstanding. The repurchases will be funded with available cash. Final details will be confirmed by the Depositary.
Verso Corporation (NYSE: VRS) announced the launch of its redesigned website on June 10, 2021. The new site features user-friendly navigation and enhanced content on various topics, including product promotions and sustainability. Director of Communications Shawn Hall emphasized the site’s dynamic design, aimed at better reflecting Verso's industry leadership and innovative spirit. Key sections include products, careers, sustainability education, and investor resources. The product promotion section showcases visually appealing printed materials. Visit the revamped site at versoco.com.
Verso Corporation (NYSE: VRS) has appointed Brian D. Cullen as its new Senior Vice President and Chief Financial Officer, effective June 16, 2021. Cullen brings over 20 years of financial leadership experience from Fortune 500 firms like McDonald's and Procter & Gamble. He succeeds Allen J. Campbell, who will retire on June 30, 2021. This transition aims to strengthen Verso's position in the paper industry, with Cullen expected to leverage his strategic expertise to enhance operations.
Verso Corporation announced the completion of the sale of its closed Duluth, Minnesota mill to ST Paper 1, LLC, effective May 13, 2021. The mill had been idled since July 2020, and the sale reflects Verso's commitment to finding sustainable solutions for its assets. President Randy Nebel expressed satisfaction in securing a buyer who aims to operate the mill, potentially benefiting local employment and the community. Verso is recognized for its quality production of graphic, specialty, and packaging paper, alongside market pulp.
Verso Corporation (NYSE: VRS) has initiated a modified Dutch auction tender offer to purchase up to $55 million of its Class A common stock. Stockholders can tender their shares at specified prices between $16.00 and $18.30 or without specifying a price. The tender offer aims to return value to shareholders following the company's February 2020 sale of its Androscoggin and Stevens Point mills. The offer expires on June 10, 2021, unless extended. Verso plans to fund this tender offer using available cash on hand.