HKACW (.0066) http://www.otcmarkets.com/stock/HKACW/company-info HKAC ($9.92
) http://www.otcmarkets.com/stock/HKAC/quote HKACU ($10.25) http://www.otcmarkets.com/stock/HKACU/quote
Form 8-K Hicks Acquisition CO For: Jul 12 07/13 11:19 AM http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=8364424
Filed on: July 13, 2012
Get more news on:SYMBOLS: HKACNEWS TYPE: SECTORS http://www.marketwatch.com/story/hicks-appleton-papers-end-merger-deal-2012-07-13
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By Melodie Warner
(Adds information, in the third and fifth paragraphs.)
Hicks Acquisition Co. II Inc. /quotes/zigman/8584767/quotes/nls/hkac HKAC +1.02% and coated-paper maker Appleton Papers Inc. mutually agreed to terminate their $675 million merger, citing volatile market conditions.
In May, the blank-check company said it expected to complete its acquisition of Appleton Papers in July.
Appleton Chairman and Chief Executive Mark Richards said, "We entered into negotiations with the best intentions to create a combined business that would strengthen Appleton's balance sheet, support its businesses, and give the company greater flexibility to pursue growth opportunities. Achieving those objectives is still part of our strategy going forward, and we will continue to pursue them as market conditions improve."
Appleton, based in Appleton, Wis., makes direct thermal, carbonless and security papers, specialty chemicals and coated products. The employee-owned company has about 1,800 workers and generated nearly $860 million in 2011 sales.
The company said it proceed with renaming itself Appvion, which combines the words "applied" and "innovation" to reflect its transformation from a paper company to a business focused on coating formulations and applications, and specialty chemicals. It will also continue to explore opportunities to access public equity.
Hicks Acquisition, founded by Thomas O. Hicks, had a $150 million initial public offering in October 2010. What are known as blank-check companies are formed as empty shells to finance a business purchase with money raised through an IPO.
Hicks shares were recently trading 5 cents higher at $9.87.
/quotes/zigman/8584767/quotes/nls/hkac Add to portfolio HKAC Hicks Acquisition Co. II Inc. US : U.S.: Nasdaq $ 9.92 +0.10 +1.02% Volume: 530,890July 13, 2012 11:48aP/E RatioN/ADividend YieldN/AMarket Cap$170.06 millionRev. per EmployeeN/A