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Buckeye Technologies Stockholders Approve Merger Agreement with Georgia-Pacific

  Buckeye Technologies Stockholders Approve Merger Agreement with
  Georgia-Pacific

Business Wire

MEMPHIS, Tenn. -- August 15, 2013

Buckeye Technologies Inc. (NYSE:BKI, “Buckeye”) announced that at a special
stockholders’ meeting held today, Buckeye stockholders approved the Agreement
and Plan of Merger, dated as of April 23, 2013, by and among Georgia-Pacific
LLC (“Georgia-Pacific”), GP Cellulose Group LLC (“Purchaser”) and Buckeye (the
“Merger Agreement”).

More than 84% of the total outstanding shares of Buckeye common stock eligible
to vote as of the July 8, 2013 record date were voted in favor of the adoption
of the merger agreement. Buckeye stockholders also approved the non-binding
advisory proposal regarding merger-related compensation with a vote of more
than 83% of the total outstanding shares of Buckeye common stock eligible to
vote as of the July 8, 2013 record date.

Upon the closing of the transaction, Buckeye will become an indirect,
wholly-owned subsidiary of Georgia-Pacific, and Buckeye stockholders (other
than Buckeye stockholders who have properly exercised rights of appraisal)
will be entitled to receive $37.50 in cash, without interest and subject to
any withholding of taxes required by applicable law, for each share of Buckeye
common stock owned at the time of the transaction’s closing.

Consummation of transaction remains subject to the expiration or termination
of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act
of 1976, as amended, along with the satisfaction of other customary closing
conditions.

Headquartered in Memphis, Tenn., Buckeye Technologies currently operates
manufacturing facilities in the United States and Germany. Its products are
sold worldwide to makers of consumer and industrial goods. www.bkitech.com.

FORWARD-LOOKING STATEMENTS: Any statements made regarding the proposed
transaction between Georgia-Pacific and Buckeye Technologies, the expected
timetable for completing the transaction, successful integration of the
business, benefits of the transaction, earnings and any other statements
contained in this news release that are not purely historical fact are
“forward-looking statements” that are based on management’s beliefs, certain
assumptions and current expectations as of the date hereof and which are
believed to be reasonable.These statements may be identified by their use of
forward-looking terminology such as the words “expects,” “projects,”
“anticipates,” “intends” and other similar words.Such forward-looking
statements involve risks and uncertainties that could cause actual results to
differ materially from those projected or implied.These risks and
uncertainties include, but are not limited to, general economic, business and
market conditions and the satisfaction of the conditions to closing of the
proposed transaction.Other risks and uncertainties that could cause actual
results to differ from those contained in the forward-looking statements
include those that may be contained from time to time in the documents filed
with the SEC by Buckeye Technologies, including Buckeye Technologies’ annual
report on Form 10-K for the fiscal year ended June30, 2012, and quarterly and
current reports on Form 10-Q and Form 8-K, respectively.The forward-looking
statements contained in this news release are made as of the date hereof, and
we do not undertake any obligation to update any forward-looking statements,
whether as a result of future events, new information or otherwise, except as
expressly required by law.

Contact:

Buckeye Technologies Inc.
Steve Dean, 901-320-8352
Executive Vice President
and Chief Financial Officer
or
Eric Whaley,901-320-8509
Investor Relations
www.bkitech.com
 
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