This record is sourced from an exhibit 99.1 press release filed with Neenah's Form 8-K on March 28, 2022, as well as a later June 21, 2022 Form 8-K containing supplemental merger-proxy disclosures that confirm Perella Weinberg's role as "Opinion of Neenah's Financial Advisor." At announcement, the deal had been unanimously approved by both boards and was pending shareholder and regulatory approvals.
Perella Weinberg Partners LP served as financial advisor to Neenah, the target side of the transaction, per the release's statement that "Perella Weinberg Partners LP is serving as financial advisor and Bryan Cave Leighton Paisner LLP is serving as legal advisor to Neenah." On the other side, J.P. Morgan Securities LLC served as financial advisor to SWM, with the release stating "J.P. Morgan Securities LLC is serving as financial advisor and King & Spalding LLP is serving as legal advisor to SWM." No lead designation was specified for either financial advisor since each company retained a single advisor.
On the legal side, Bryan Cave Leighton Paisner LLP advised Neenah, King & Spalding LLP advised SWM, and Cravath, Swaine & Moore LLP separately advised the independent members of Neenah's board of directors.
The transaction was structured as an all-stock exchange with no cash component, and the combined company was expected to be headquartered in Alpharetta, Georgia, led by Neenah's then-CEO Julie Schertell, with a nine-member board split five-to-four between SWM and Neenah designees. The merger was expected to close in the second half of 2022, subject to both companies' shareholder votes and regulatory approvals.
Not disclosed in the sourced documents is a specific enterprise or equity valuation figure for either company individually (only the pro forma combined revenue of approximately $3 billion is given), and no precise closing date beyond "second half of 2022" is stated in these filings.