International Paper Won't Make Hostile Smurfit Kappa Offer
16 Maio 2018 - 7:08AM
Dow Jones News
By Adam Clark
International Paper Co. (IP) said that it won't make its 8.6
billion euros ($10.17 billion) takeover approach for Irish
packaging company Smurfit Kappa Group PLC (SK3.DB) formal without
support from Smurfit's board, as regulators set a deadline for an
offer.
The Irish takeover panel said on Wednesday that International
Paper has until June 6 to make a binding offer or walk away.
International Paper said in a response that it supports the
panel's decision and favors a "prompt resolution", but won't
proceed with a binding offer unless it is recommended by Smurfit
Kappa's board of directors. International Paper said it believes
the two companies should meet to discuss the potential deal, which
was revealed by Smurfit Kappa in early March.
Smurfit Kappa has rejected the approach as failing to reflect
its growth prospects. The offer is priced at 22 euros in cash and
0.3028 new International Paper shares for each Smurfit Kappa share.
Based on International Paper's closing share price on Tuesday, this
values the bid at around EUR35.79 per Smurfit Kappa share.
On Wednesday, International Paper said it would allow Smurfit
Kappa shareholders to vary the proportion of cash and shares
received in the deal, and that it would seek a secondary listing on
the London Stock Exchange following the takeover.
At 0928 GMT, Dublin-listed shares in Smurfit Kappa were down
1.4% at EUR35.00.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
May 16, 2018 05:53 ET (09:53 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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