This morning, Packaging Corporation of America (NYSE:PKG) announced it had come to an agreement with Boise (BZ) to acquire the company for $1.27 billion, or $12.55 per share. The agreed upon purchase price is a 26% premium to Friday's closing price. The deal is expected to close in the fourth quarter and would increase the company's corrugated products volume by about 30%. Shares of of Packaging Corporation of America were higher by 5.8% on Monday, while Boise was trading just above the buyout price.
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