General Binding Corporation to Merge with ACCO World Corporation
Press release from the issuing company
NORTHBROOK, Ill.--Aug. 15, 2005-- General Binding Corporation announced that General Binding Corporation's stockholders voted to approve the Company's previously-announced merger with ACCO World Corporation, the office products unit of Fortune Brands, Inc., at the special meeting of stockholders held today at the Company's headquarters.
Upon completion of Fortune Brands' spin-off of ACCO World Corporation ("Acco World") and ACCO World's merger with General Binding Corporation, transactions that are expected to be completed very shortly, the combined company will be known as ACCO Brands Corporation, with its common stock traded on the New York Stock Exchange.
"The Company and its Board of Directors are excited about the potential for the merged company," said Mr. Dennis Martin, GBC's Chairman, President and CEO. "This transaction, which creates a unified, larger and stronger company, is the next appropriate step after GBC's transformation over the past four years. The efficiencies created by this combination will make ACCO Brands Corporation more competitive and create more value for our customers. At the same time, the capital structure of the combined company will provide increased liquidity for GBC's shareholders, while the size and growth potential of the new ACCO Brands Corporation will create more opportunity for our employees."
At the time of the merger, which is scheduled to occur at 12:02 a.m., Eastern time, on August 17, 2005, GBC common and Class B common stockholders will receive the right to receive one share of ACCO Brands Corporation common stock for each GBC common or Class B common share they own. As a result of the foregoing transaction, GBC common stock will no longer trade on The NASDAQ Stock Market after the completion of trading on August 16, 2005, assuming the merger is completed as scheduled. ACCO Brands Corporation common stock is expected to begin trading on the New York Stock Exchange beginning August 17, 2005 under the ticker symbol ABD.
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