Verso holder Hoak comes out against sale to BillerudKorsnas, will vote against deal
January 13, 2022
OHIO (From news reports) - Verso Corp. holder Hoak & Co. is against the company's $27/share sale to to BillerudKorsnas and would like the company to remain independent.
"As a long term and supportive shareholder of Verso, Hoak & Co. was disappointed by the board's decision to sell the Company to BillerudKorsnäs for $27.00 per share," Hoak wrote in a 13D filing.. "We believe that it is the wrong time to sell the company, and that the agreed-upon price does not ascribe fair value to the Company's prospects and its ability to generate significant cash flow in the coming years."
Hoak, which has a 8.2% stake in Verso and appears to be among the company's top five holders, said it would be better for the company to remain independent and plans to vote again the announced sale.