Norske Skog (NSG) is one of the largest newspaper and magazine producer in the world. Newsprint is NSG’s largest division. The newsprint industry has been distressed over the past years, with falling demand due to competition particularly from electronical media. NSG has implemented actions such as cost reductions, change in product mix and sale of mills in Asia, to improve its situation. Over the recent years, NSG’s main focus has been on reducing debt to improve its critical financial position. Due to its distressed state, NSG is seen as a take-over candidate.