RICHMOND, VA. (AP) -- The packaging company combination of Rock-Tenn and MeadWestvaco will be known as WestRock Co. when the businesses complete a deal they announced earlier this year.
The businesses said Monday that the combined company will trade on the New York Stock Exchange under the ticker symbol WRK once they close their deal. They have received U.S. antitrust approval for their combination and expect other regulatory and shareholder approvals to happen in June.
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The companies said in late January that they would combine to create a $16 billion global packaging company.
Under the deal's terms, MeadWestvaco Corp. stockholders will receive 0.78 shares of the combined company for each share they own. Rock-Tenn Co. shareholders will be allowed to choose either 1 share of the combined company or a specific cash amount for each Rock-Tenn Co. share held.
Rock-Tenn CEO Steven Voorhees will become CEO and MeadWestvaco leader John Luke, Jr. will become non-executive chairman.
The company will have its main executive offices in Richmond, Virginia, where MeadWestvaco is based.
Shares of MeadWestVaco rose 2 cents to $49.96 Monday morning and Rock-Tenn was up 4 cents to $64.31, while broader indexes also climbed slightly.
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