Investor Presentaiton
WestRock to Acquire Multi Packaging Solutions
Transaction Summary
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Compelling Strategic
Combination
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Advances strategy to provide differentiated, high value-added solutions to our
customers
Enhances capabilities to serve new and existing customers
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Expands participation into attractive end markets
Creates opportunity for meaningful synergies and performance improvements of
$85 million by end of FY19
Increases annual paperboard consumption by approx. 225k tons, of which we
expect 35% - 45% to be supplied by WestRock
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Replaces pulp production with SBS across the system
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Balances Corrugated / Consumer sales mix
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Purchase price of $18.00 per share; total enterprise value of $2.28 billion
Attractive Financial
Profile
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9.6x LTM EBITDA as of 9/30/16; 7.1x including anticipated synergy and
performance improvements
Expected to be immediately free cash flow and EPS accretive, inclusive of
purchase accounting adjustments
• 100% cash offer, financed through a combination of current cash, anticipated
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HH&B proceeds and existing lines of credit
Pro forma net leverage of 2.55x including synergies
10
10
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Subject to MPS shareholder approval and other customary closing conditions
Timeline
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Expected to close in fiscal Q3 2017
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