Rock-Tenn: Majority Of Stockholders Prefer Stock Consideration For Merger Deal

(RTTNews) - Rock-Tenn Company (RKT) announced the preliminary results of the elections made by its shareholders as to the form of merger consideration they wish to receive in connection with the combination of RockTenn and MeadWestvaco Corporation (MWV) into WestRock Company.

Rock-Tenn reported that approximately 63.8% of the outstanding shares of its common stock, elected to receive the stock consideration, or the right to receive one fully paid and nonassessable share of WestRock common stock, for each share of RockTenn common stock. Approximately 10.0% of the outstanding shares of RockTenn common stock elected to receive the cash consideration.

The company said, based on the preliminary results, the cash consideration option is expected to be oversubscribed.

The parties are still awaiting the approval of the proposed combination by the shareholders of RockTenn and the stockholders of MWV. RockTenn and MWV expect to close the combination on July 1, 2015.