trending Market Intelligence /marketintelligence/en/news-insights/trending/tlkulzsuvbezagtwiu9bug2 content esgSubNav
In This List

Smurfit Kappa rejects International Paper's revised takeover bid

Blog

Banking Essentials Newsletter: June 12th Edition

Blog

S&P 500 Q4 2023 Sector Earnings & Revenue Data

Podcast

Next in Tech | Episode 171: Concerns About Fraud Drive AI Investment

Podcast

Street Talk | Episode 127: The 'knife fight' for deposits could spur more bank deals


Smurfit Kappa rejects International Paper's revised takeover bid

Packaging company Smurfit Kappa Group Plc rejected Tennessee-based International Paper Co.'s revised takeover offer, which valued the Irish company at €37.54 per share.

Smurfit Kappa said it received the revised proposal from the pulp and paper company March 22, after it declined a prior unsolicited offer from International Paper valuing Smurfit Kappa at €36.46 per share.

International Paper revised its offer to €25.25 in cash and 0.3028 of a new International Paper share for each Smurfit Kappa share. The cash offer would have been reduced to €24.605 after payment of the final dividend, the Irish company noted.

Smurfit Kappa said its board unanimously rejected the revised offer, which it said "undervalues the group and remains significantly below the valuations set by recent industry transactions."

Smurfit Kappa Chairman Liam O'Mahony added that the revised bid "does not make strategic sense" for the company, which should operate as an independent company in the best interests of the group's stakeholders.