One of the world’s most widely used forms of packaging – the blister pack – can now be made totally in paperboard. Two major benefits are reduced environmental impact and less consumer rage and self-injury. Blister packs are made to hang on a holder in the retail store and often consist of a paperboard backing plus a moulded transparent plastic front section to display the product to the consumer. The Norwegian converter Moltzaus’s ingeniously designed Cefapac improves both the pack’s environmental performance and its openability, and has already won awards. “Our development work had two starting points – environmental impact and ease of opening,” explains Eirik Faukland, the packaging veteran in charge of R&D at Moltzau. “To get around the well-known problem of the extreme difficulty of opening plastic blister packs, the basic concept was to replace the plastic with paperboard. What’s unique with the Cefapac solution is that we chose to replace all the traditional creases with perforations, which gives the desired openability.” Click Read More below for additional detail.
WestRock Company (“WestRock”) (NYSE: WRK) and KapStone Paper and Packaging Corporation (“KapStone”) (NYSE: KS) today announced the preliminary results of the elections as of 5:00 p.m. (Eastern Time) on September 5, 2018 (the “Election Deadline”) made by KapStone stockholders to receive shares of common stock, par value $0.01 per share, of Whiskey Holdco, Inc. (“Holdco”) as consideration in the acquisition of KapStone by WestRock through Holdco. If the KapStone special meeting of stockholders, currently scheduled for 10:00 a.m. (Central Time) today, September 6, 2018, is delayed to a subsequent date, the Election Deadline will be similarly delayed to a subsequent date, and WestRock and KapStone will announce any such delay and, when determined, the new election deadline.
As previously announced, KapStone stockholders have the option, with respect to each share of KapStone common stock they hold, to receive $35.00 per share in cash (the “Cash Consideration”), or to elect to receive 0.4981 shares of Holdco common stock (the “Stock Consideration”) and cash in lieu of fractional shares by the Election Deadline, provided that Stock Consideration may be received with respect to a maximum of 25% of the issued and outstanding shares of KapStone common stock immediately prior to the effective time of the acquisition. There is no limit on the number of shares of KapStone common stock with respect to which Cash Consideration may be received. The documents related to the election of Stock Consideration were mailed to KapStone stockholders beginning on August 2, 2018.
Based on information as of the Election Deadline, holders of 3,135,062 shares of KapStone common stock, or approximately 3.2% of the shares of KapStone common stock currently issued and outstanding, elected to receive Stock Consideration in respect of such shares. These are preliminary results. Because, based on such preliminary results, Stock Consideration is expected to be elected in respect of fewer than 25% of the shares of KapStone common stock outstanding as of immediately prior to the effective time of the acquisition, the election of Stock Consideration is not expected to be prorated.