Note 2 - Georgia-Pacific LLC

12 Months Ended

Jun. 30, 2013

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

NOTE 2: GEORGIA-PACIFIC LLC MERGER

On April 24, 2013, we and Georgia-Pacific announced that we had reached a definitive agreement for Georgia-Pacific to acquire all of the outstanding shares of our common stock for $37.50 per share in cash.  On August 15, 2013, at a special stockholders’ meeting, our stockholders approved the Agreement and Plan of Merger by and among Georgia-Pacific, GP Cellulose Group LLC, and Buckeye. On August 21, 2013, the U.S. Federal Trade Commission and the Antitrust Division of the U.S. Department of Justice granted termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended. The merger closed on August 23, 2013, upon which Buckeye became an indirect, wholly-owned subsidiary of Georgia-Pacific. We engaged Barclays Capital Inc. (“Barclays”) for the purpose of providing financial advisory services with respect to the merger. On April 23, 2013, Barclays rendered its opinion to the Board to the effect that, as of such date and based upon and subject to the qualifications, limitations and assumptions stated in its opinion, the consideration to be offered to the stockholders of Buckeye was fair, from a financial point of view, to such stockholders. As compensation for Barclays’ opinion, we paid a fee of $1,500, which is included in selling, research and administrative expenses in 2013. Upon consummation of the merger with Georgia-Pacific, we were obligated to pay Barclays, at closing, an advisory fee equal to 0.90% of the consideration paid in the merger after deducting the initial payment of $1,500. The information in these Notes to Consolidated Financial Statements is presented as of June 30, 2013, unless otherwise indicated and does not give effect to the merger with Georgia-Pacific.