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Smurfit-Stone shareholders oppose Rock-Tenn deal

A group of hedge funds that owns a combined 9 percent stake in Smurfit-Stone Container Corp. said it would vote against Rock-Tenn Co.’s $3.5 billion deal to buy the packaging and paper company.

Third Point, Royal Capital Management and Monarch Alternative Capital said in a letter to Smurfit-Stone’s board on Wednesday that the company could go it alone and shareholders would be better off. Get the full story »

Chicago losing Smurfit HQ in RockTenn deal

Though the company moved its headquarters to 222 N. LaSalle St. in 2009, this iconic structure is still known as the Smurfit-Stone Building. (Tribune/Lane Christiansen)

Smurfit-Stone Container Corp., whose local roots trace back to 1926, will leave Chicago behind as a headquarters now that the company has announced plans to be acquired by RockTenn Co. in a $3.5 billion cash and stock deal.

While specific plans for each of Smurfit-Stone’s Chicago-area plants are unclear, those facilities that remain are likely to receive additional technology investment, RockTenn executives indicated Monday. However, Smurfit-Stone’s dual headquarters concept in downtown Chicago and Creve Coeur, Mo., will end and the combined company will be based in RockTenn’s Norcross, Ga., hometown. Get the full story »

Smurfit-Stone 3Q earnings down 4.4%

Smurfit-Stone Container Corp.’s third-quarter earnings fell 4.4 percent excluding preferred-dividend impacts as the packaging company reported higher revenue and margins on price hikes, but was hurt by income-tax impacts. Get the full story »

Smurfit-Stone closing 2 Virginia plants

Smurfit-Stone Container Corp. is planning to close and consolidate several eastern Henrico County, Va. plants within two months. The Chicago-based paper products company will close two Virginia container plants it owns. According to a notice the company filed with state officials, the closures would result in 229 job cuts by Oct. 31. Get the full story »

Smurfit-Stone Container out of Chapter 11

Paper packaging company Smurfit-Stone Container Corp. said  Wednesday that it had emerged from bankruptcy after 17 months, having wiped around $3 billion of debt from its balance sheet.

The company issued new stock to investors who held about $3 billion of unsecured debt. That stock will begin trading on the New York Stock Exchange  Thursday under the symbol “SSCC,” the company said in a statement.

Nearly a billion dollars of loans were paid in cash, in part with funds from a new $1.2 billion term loan.