Company: GEF
Filing Date: 2025-07-01
Form Type: 8-K
Source: 0000043920-25-000038
Chunk: 0

Company: GREIF, INC
Filing Date: 2025-07-01
Form: 8-K
Item: Item 1.01
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Item 1.01. Entry into a Material Definitive Agreement.

(a) Sale and Purchase Agreement for Greif Containerboard Solutions, LLC and Box-Board Holding Corporation

On June 30, 2025, Greif Packaging LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company (“ Seller”), and the Company, as guarantor, entered into a definitive Purchase and Sale Agreement (the “ Agreement”) with Packaging Corporation of America, Inc., a Delaware corporation (“ Purchaser”), pursuant to which Purchaser will acquire all of the issued and outstanding equity interests of Seller in Greif Containerboard Solutions, LLC, a Delaware limited liability company (“ GCS”), and Box-Board Holding Corporation, a Delaware corporation (“ BBH”), for a purchase price of $1.8 billion, subject to certain adjustments. In accordance with a contribution agreement between Seller and GCS, Seller will contribute all of its containerboard business, including containerboard mills and sheet feeder facilities and related equipment and other assets, to the capital of GCS.

The Agreement provides that closing of the contemplated transactions is subject to the satisfaction or waiver of certain conditions, including, among other things, the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

The Agreement may be terminated, and the subject transaction may be abandoned at any time prior to the closing, as follows: (i) by mutual written agreement of Seller and Purchaser; (ii) by either Seller or Purchaser if the closing has not occurred on or before June 30, 2026 (subject to an extension exercisable by either party of 90 days, subject to the terms and conditions of the Agreement, and to a second 90 day extension exercisable by Seller, subject to the terms and conditions of the Agreement); (iii) by either Seller or Purchaser if any governmental order prohibiting the transactions contemplated by the Agreement become final and nonappealable; (iv) by Seller in connection with certain breaches by Purchaser of its representations, warranties, covenants or other agreements in the Agreement, subject to a cure period; and (v) by Purchaser in connection with certain breaches by Seller of its representations, warranties, covenants or other agreements in the Agreement, subject to a cure period.

Investors should not rely on the representations, warranties, covenants and other agreements in the Agreement or any descriptions thereof as characterizations of the actual state of facts or condition of