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International Paper Named Among 100 Best Places to Work in IT by IDG's Computerworld for 2014

Monday, June 23, 2014

Press release from the issuing company

CORRECTION

In the news release, International Paper Company Announces Definitive Distribution Ratio for the Spinoff of its xpedx Distribution Business, issued June 20, 2014 by International Paper over PR Newswire, we are advised by the company that the first paragraph, second sentence, should read "0.01909025" rather than "0.0188" as originally issued inadvertently. The last paragraph has also been revised. The complete, corrected release follows:

International Paper Company Announces Definitive Distribution Ratio for the Spinoff of its xpedx Distribution Business

MEMPHIS, Tenn. - International Paper (NYSE: IP) today announced the definitive distribution ratio for the spinoff of its distribution solutions business, xpedx. Subject to the satisfaction of certain conditions, International Paper stockholders will receive on the distribution date, July 1, 2014, 0.01909025 shares of Veritiv Corporation ("Veritiv") common stock (NYSE: VRTV) for each share of International Paper common stock they owned as of 5:00 p.m., New York City time, on June 20, 2014, the record date set by International Paper's board of directors.

International PaperInternational Paper shareholders will not receive fractional shares of Veritiv common stock. Instead, fractional shares of Veritiv common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in cash payments to the International Paper shareholders who would otherwise receive a fractional share of Veritiv common stock.

The closing of the spinoff of International Paper's distribution business, xpedx, and the subsequent merger with UWW Holdings, Inc., the parent company of Unisource Worldwide, Inc., are scheduled to occur on July 1, 2014. Veritiv common stock began trading on a "when-issued" basis on the NYSE under the symbol "VRTV WI" on June 18, 2014. On July 2, 2014, "regular way" trading under the symbol "VRTV" is expected to begin. The CUSIP number for the Veritiv common stock will be 923454 102 when regular way trading begins.

 

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