Jefferson Smurfit, Stone Container Merger Approved

In separate shareholder meetings held Tuesday, stockholders of Jefferson Smurfit Corp. and Stone Container Corp. approved the proposed merger between a wholly owned subsidiary of Jefferson Smurfit and Stone Container. The transaction was approved by holders of approximately 95% of Jefferson Smurfit common stock, which represents 99.5% of the shares voted, and approximately 85% of Stone Container common stock, which also represents 99.5% of the shares voted. A favorable vote of two-thirds of the outstanding shares of each company's common stock was needed to approve the merger.

In a separate vote, stockholders of each corporation also voted to approve the adoption of the long-term incentive plan for the merged company. Jefferson Smurfit and Stone Container anticipate that the merger will be completed today (November 18). The companies previously announced that they have received all regulatory approvals necessary to complete the transaction. The combined company will be called Smurfit-Stone Container Corp. (See related article) and will be a leading manufacturer of paperboard and paper-based packaging products. The company will be listed on Nasdaq under the symbol SSCC.