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S&P: White Birch unchanged
Standard & Poor's said its rating and outlook on White Birch Paper Co. (B-/negative) are not affected by the announcement that the controlling shareholder of White Birch has entered into an agreement to acquire SP Newsprint Co. (B+/Watch negative) for $350 million in an all-cash transaction.
The agency said that the transaction is expected to close by the end of April 2008, subject to regulatory approval.
While the newsprint market is expected to benefit from capacity closures and price increases, the likelihood for a potential U.S. recession and continued high input costs could pressure earnings, the agency noted.
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