SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-A
FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES
PURSUANT TO SECTION 12(b) OR 12(g) OF THE
SECURITIES EXCHANGE ACT OF 1934
WESTVACO CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 13-1466285
(State of incorporation or organization) (IRS Employer
Identification No.)
299 Park Avenue, New York, New York 10171
(Address of principal executive offices) (Zip Code)
If this form relates to the If this form relates to the
registration of a class of registration of a class of
securities pursuant to Section securities pursuant to Section
12(b) of the Exchange Act and is 12(g) of the Exchange Act and is
effective pursuant to General effective pursuant to General
Instruction A.(c), please check Instruction A.(d), please check
the following box. the following box.
[X] [ ]
Securities Act registration statement file number to which this
form relates:
_____________________
(If applicable)
Securities to be registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which
to be so registered each class is to be registered
Preferred Share Purchase Rights Chicago Stock Exchange
Securities to be registered pursuant to Section 12(g) of the Act:
None
(Title of Class)
Page 1 of 7<PAGE>
Item 1. Description of Securities To Be Registered.
On September 23, 1997, the Board of Directors of
Westvaco Corporation (the "Company") declared a dividend of
one preferred share purchase right (a "Right") for each out-
standing share of common stock, par value $5.00 per share, of
the Company (the "Common Shares"). The dividend is payable
on December 8, 1997 (the "Record Date") to the stockholders
of record on that date. Each Right entitles the registered
holder to purchase from the Company one one-hundredth of a
share of Series A Junior Participating Preferred Stock, no
par value, of the Company (the "Preferred Shares") at a price
of $175.00 per one one-hundredth of a Preferred Share (the
"Purchase Price"), subject to adjustment. The description
and terms of the Rights are set forth in a Rights Agreement
(the "Rights Agreement") between the Company and The Bank of
New York, as Rights Agent (the "Rights Agent").
Until the earlier to occur of (i) 10 days following
a public announcement that a person or group of affiliated or
associated persons (an "Acquiring Person") have acquired ben-
eficial ownership of 15% or more of the outstanding Common
Shares or (ii) 10 business days (or such later date as may be
determined by action of the Board of Directors prior to such
time as any person or group of affiliated persons becomes an
Acquiring Person) following the commencement of, or announce-
ment of an intention to make, a tender offer or exchange of-
fer the consummation of which would result in the beneficial
ownership by a person or group of 15% or more of the out-
standing Common Shares (the earlier of such dates being the
"Distribution Date"), the Rights will be evidenced, with
respect to any of the Common Share certificates outstanding
as of the Record Date, by such Common Share certificate with
a copy of the Summary of Rights attached thereto.
The Rights Agreement provides that, until the Dis-
tribution Date (or earlier redemption or expiration of the
Rights), the Rights will be transferred with and only with
the Common Shares. Until the Distribution Date (or earlier
redemption or expiration of the Rights), new Common Share
certificates issued after the Record Date upon transfer or
new issuance of Common Shares will contain a notation incor-
porating the Rights Agreement by reference. Until the Dis-
tribution Date (or earlier redemption or expiration of the
Rights), the surrender for transfer of any certificates for
Common Shares outstanding as of the Record Date, even without
such notation or a copy of this Summary of Rights being at-
tached thereto, will also constitute the transfer of the
Rights associated with the Common Shares represented by such
certificate. As soon as practicable following the Distribu-
tion Date, separate certificates evidencing the Rights
("Right Certificates") will be mailed to holders of record of
Page 2 of 7<PAGE>
the Common Shares as of the close of business on the Distri-
bution Date and such separate Right Certificates alone will
evidence the Rights.
The Rights are not exercisable until the Distribu-
tion Date. The Rights will expire on December 8, 2007 (the
"Final Expiration Date"), unless the Final Expiration Date is
extended or unless the Rights are earlier redeemed or ex-
changed by the Company, in each case, as described below.
The Purchase Price payable, and the number of Pre-
ferred Shares or other securities or property issuable, upon
exercise of the Rights are subject to adjustment from time to
time to prevent dilution (i) in the event of a stock dividend
on, or a subdivision, combination or reclassification of, the
Preferred Shares, (ii) upon the grant to holders of the Pre-
ferred Shares of certain rights or warrants to subscribe for
or purchase Preferred Shares at a price, or securities con-
vertible into Preferred Shares with a conversion price, less
than the then-current market price of the Preferred Shares or
(iii) upon the distribution to holders of the Preferred
Shares of evidences of indebtedness or assets (excluding reg-
ular periodic cash dividends paid out of earnings or retained
earnings or dividends payable in Preferred Shares) or of sub-
scription rights or warrants (other than those referred to
above).
The number of outstanding Rights and the number of
one one-hundredths of a Preferred Share issuable upon exer-
cise of each Right are also subject to adjustment in the
event of a stock split of the Common Shares or a stock divi-
dend on the Common Shares payable in Common Shares or subdi-
visions, consolidations or combinations of the Common Shares
occurring, in any such case, prior to the Distribution Date.
Preferred Shares purchasable upon exercise of the
Rights will not be redeemable. Each Preferred Share will be
entitled to a minimum preferential quarterly dividend payment
of $1 per share but will be entitled to an aggregate dividend
of 100 times the dividend declared per Common Share. In the
event of liquidation, the holders of the Preferred Shares
will be entitled to a minimum preferential liquidation pay-
ment of $100 per share but will be entitled to an aggregate
payment of 100 times the payment made per Common Share. Each
Preferred Share will have 100 votes, voting together with the
Common Shares. Finally, in the event of any merger, con-
solidation or other transaction in which Common Shares are
exchanged, each Preferred Share will be entitled to receive
100 times the amount received per Common Share. These rights
are protected by customary antidilution provisions.
Because of the nature of the Preferred Shares' div-
idend, liquidation and voting rights, the value of the one
one-hundredth interest in a Preferred Share purchasable upon
Page 3 of 7<PAGE>
exercise of each Right should approximate the value of one
Common Share.
In the event that the Company is acquired in a
merger or other business combination transaction or 50% or
more of its consolidated assets or earning power are sold
after a person or group has become an Acquiring Person,
proper provision will be made so that each holder of a Right
will thereafter have the right to receive, upon the exercise
thereof at the then current exercise price of the Right, that
number of shares of common stock of the acquiring company
which at the time of such transaction will have a market
value of two times the exercise price of the Right. In the
event that any person or group of affiliated or associated
persons becomes an Acquiring Person, proper provision shall
be made so that each holder of a Right, other than Rights
beneficially owned by the Acquiring Person (which will there-
after be void), will thereafter have the right to receive
upon exercise that number of Common Shares having a market
value of two times the exercise price of the Right.
At any time after any person or group becomes an
Acquiring Person and prior to the acquisition by such person
or group of 50% or more of the outstanding Common Shares, the
Board of Directors of the Company may exchange the Rights
(other than Rights owned by such person or group which will
have become void), in whole or in part, at an exchange ratio
of one Common Share, or one one-hundredth of a Preferred
Share (or of a share of a class or series of the Company's
preferred stock having equivalent rights, preferences and
privileges), per Right (subject to adjustment).
With certain exceptions, no adjustment in the Pur-
chase Price will be required until cumulative adjustments
require an adjustment of at least 1% in such Purchase Price.
No fractional Preferred Shares will be issued (other than
fractions which are integral multiples of one one-hundredth
of a Preferred Share, which may, at the election of the Com-
pany, be evidenced by depositary receipts) and in lieu there-
of, an adjustment in cash will be made based on the market
price of the Preferred Shares on the last trading day prior
to the date of exercise.
At any time prior to the acquisition by a person or
group of affiliated or associated persons of beneficial own-
ership of 15% or more of the outstanding Common Shares, the
Board of Directors of the Company may redeem the Rights in
whole, but not in part, at a price of $.01 per Right (the
"Redemption Price"). The redemption of the Rights may be
made effective at such time on such basis with such condi-
tions as the Board of Directors in its sole discretion may
establish. Immediately upon any redemption of the Rights,
the right to exercise the Rights will terminate and the only
Page 4 of 7<PAGE>
right of the holders of Rights will be to receive the Redemp-
tion Price.
The terms of the Rights may be amended by the Board
of Directors of the Company without the consent of the hold-
ers of the Rights, including an amendment to lower certain
thresholds described above to not less than the greater of
(i) the sum of .001% and the largest percentage of the out-
standing Common Shares then known to the Company to be ben-
eficially owned by any person or group of affiliated or asso-
ciated persons and (ii) 10%, except that from and after such
time as any person or group of affiliated or associated per-
sons becomes an Acquiring Person no such amendment may
adversely affect the interests of the holders of the Rights.
Until a Right is exercised, the holder thereof, as
such, will have no rights as a stockholder of the Company,
including, without limitation, the right to vote or to re-
ceive dividends.
The Rights have certain anti-takeover effects. The
Rights will cause substantial dilution to a person or group
that attempts to acquire the Company on terms not approved by
the Company's Board of Directors, except pursuant to an offer
conditioned on a substantial number of Rights being acquired.
The Rights should not interfere with any merger or other
business combination approved by the Board of Directors since
the Rights may be redeemed by the Company at the Redemption
Price prior to the time that a person or group has acquired
beneficial ownership of 15% or more of the Common Shares.
The Rights Agreement, dated as of September 23,
1997, between the Company and The Bank of New York, as Rights
Agent, specifying the terms of the Rights and including the
form of Amendment to Certificate of Designations, Preferences
and Rights setting forth the terms of the Preferred Shares as
an exhibit thereto and the press release announcing the
declaration of the Rights are attached hereto as exhibits and
are incorporated herein by reference. The foregoing descrip-
tion of the Rights is qualified in its entirety by reference
to such exhibits.
Item 2. Exhibits.
1. Rights Agreement, dated as of September
23, 1997, between Westvaco Corporation
and The Bank of New York which includes
the form of Amendment to Certificate of
Designations, Preferences and Rights set-
ting forth the terms of the Series A
Junior Participating Preferred Stock, no
par value, as Exhibit A, the form of
Right Certificate as Exhibit B and the
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Summary of Rights to Purchase Preferred
Shares as Exhibit C (incorporated herein
by reference to Exhibit 1 to the Com-
pany's Report on Form 8-K filed on
October 31, 1997 (the "Form 8-K"). Pur-
suant to the Rights Agreement, printed
Right Certificates will not be mailed
until as soon as practicable after the
earlier of the tenth day after public
announcement that a person or group has
acquired beneficial ownership of 15% or
more of the Common Shares or the tenth
business day (or such later date as may
be determined by action of the Board of
Directors) after a person commences, or
announces its intention to commence, a
tender offer or exchange offer the con-
summation of which would result in the
beneficial ownership by a person or group
of 15% or more of the Common Shares.
2. Press release dated September 23, 1997
(incorporated herein by reference to
Exhibit 2 to the Form 8-K).
Page 6 of 7<PAGE>
SIGNATURE
Pursuant to the requirements of Section 12 of the
Securities Exchange Act of 1934, the registrant has duly
caused this registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized.
Dated: October 31, 1997
WESTVACO CORPORATION
By /s/ John W. Hetherington
John W. Hetherington
Vice President, Secretary
and Assistant
General Counsel
Page 7 of 7<PAGE>
EXHIBIT LIST
Page No.
1. Rights Agreement, dated as of September 23, 1997
between Westvaco Corporation and The Bank of New
York which includes the form of Amendment to Cer-
tificate of Designations, Preferences and Rights
setting forth the terms of the Series A Junior
Participating Preferred Stock, no par value, as
Exhibit A, the form of Right Certificate as
Exhibit B and the Summary of Rights to Purchase
Preferred Shares as Exhibit C (incorporated here-
in by reference to Exhibit 1 to the Form 8-K).
Pursuant to the Rights Agreement, printed Right
Certificates will not be mailed until as soon as
practicable after the earlier of the tenth day
after public announcement that a person or group
has acquired beneficial ownership of 15% or more
of the Common Shares or the tenth business day
(or such later date as may be determined by ac-
tion of the Board of Directors) after a person
commences, or announces its intention to com-
mence, a tender offer or exchange offer the con-
summation of which would result in the beneficial
ownership by a person or group of 15% or more of
the Common Shares.
2. Press release dated September 23, 1997 (incor-
porated herein by reference to Exhibit 2 to the
Form 8-K).
