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Big payoffs for Madison in Boise IPO; $231 million from sale; retains tight control.(Markets)(Initial public offerings)(Brief Article)
Crain's Chicago Business, May, 2005 by Tita, Bob
Byline: BOB TITA Madison Dearborn Partners LLC is wasting no time cashing in on its 2004 acquisition of paper and wood products maker Boise Cascade Holdings LLC. The Chicago-based private-equity firm is in line to receive at least $231 million of the $400 million in cash proceeds from an IPO of Boise shares, according to a U.S.
Securities and Exchange Commission filing. On top of that, Madison Dearborn's original $245-million investment in 41.4 million Boise shares will be worth $1.03 billion if the stock fetches an anticipated $25 per share in the May 19 IPO. Madison Dearborn will retain tight control even after the IPO, with 62% of Boise Cascade's 67 million shares. The 16 million shares offered to the public will represent 24% of the total....
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