Investor Alert

New York Markets Close in:

Market Pulse Archives

Nov. 12, 2019, 10:06 a.m. EST

Paper company Verso's stock soars 20% after news of sale of Maine, Wisc. mills for $400 million

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Ciara Linnane


Verso Corp. shares soared 20% Tuesday, after the paper and packaging company said it is selling its Androscoggin mill, located in Jay, Maine, and its Stevens Point mill, located in Stevens Point, Wisconsin, to Pixelle Specialty Solutions LLC for $400 million. The deal, which must be approved by shareholders at a special meeting, is expected to close in the first quarter of 2020, the company said in a statement. The company is expecting to net cash proceeds of $336 million and will return most of that to its shareholders via a stock buyback, dividend or modified Dutch tender offer. The company also said it has named Adam St. John its chief executive officer, replacing interim CEO Les Lederer. St. John was senior vice president of manufacturing for all Verso mills. Shares have fallen 20% in 2019, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.46% has gained 23%.

+48.59 +1.46%
Volume: 1.42B
Aug. 12, 2020 2:18p

Get news alerts on S&P 500 Index — or create your own.
This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.