Cascades to buy assets of Orchids Paper Products for $207 mln
Cascades Inc (TSX: CAS) has agreed to acquire substantially all the assets of Orchids Paper Products Co, a Brentwood, Tennessee-based maker of tissue products, following approval of the deal by a U.S. bankruptcy court. Cascades, a Kingsley Falls, Québec-based supplier of packaging and tissue products, agreed to pay US$207 million in cash. The transaction is expected to wrap up in August or September. According to the Wall Street Journal, Cascades topped an offer made by U.S. hedge fund Black Diamond Capital Management. Black Diamond and Brant Paper Investment Co earlier in 2019 agreed to acquire Orchids' assets in exchange for US$175 million the company owed them.
8 July 2019•5 mins read
