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Smurfit Kappa reaffirms rejection of unsolicited bid from International Paper

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Smurfit Kappa reaffirms rejection of unsolicited bid from International Paper

The board of Irish packaging company Smurfit Kappa Group Plc reaffirmed its rejection of the unsolicited takeover bid launched by Tennessee-based rival International Paper Co., which valued the company at €8.6 billion.

Under the terms of the deal, Smurfit Kappa shareholders would receive €22 in cash and 0.3028 new International Paper shares for each Smurfit share.

In a statement, Smurfit Kappa said that the offer "fails entirely to reflect the Group's superior prospects as an independent business and represents a valuation multiple significantly below recent comparable transactions." In a previous statement, the company said the proposal was "fundamentally opportunistic and conditional."

International Paper in a filing disputed Smurfit's characterization of its offer, noting that it took into account the record EBITDA reported by the target on Feb. 7 and the all-time high share price of €29.76 on Feb. 20. It also said that it will continue to engage with Smurfit's board and shareholders.