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Name | Symbol | Market | Type |
---|---|---|---|
Smurfit Kappa Group PLC (PK) | USOTC:SMFKY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.84 | -1.80% | 45.91 | 45.53 | 46.35 | 46.84 | 45.75 | 46.63 | 60,755 | 21:00:09 |
By Adam Clark
International Paper Co. said Tuesday that it remains ready to discuss its rejected takeover bid for Irish packaging company Smurfit Kappa Group PLC, as it set out the details of its 8.6 billion euro ($10.7 billion) offer.
Tennessee-based International Paper Co. said it is offering 22 euros in cash and 0.3028 new International Paper shares for each Smurfit Kappa share. This is equivalent to 36.46 euros per Smurfit Kappa share, International Paper said.
The offer price is a 27% premium to Smurfit Kappa's closing share price on Monday, said International Paper. The company added that the deal would leave Smurfit Kappa shareholders with 15% of the enlarged International Paper.
Earlier on Tuesday, Smurfit Kappa rejected the unsolicited offer, saying it fails to reflect the group's strong growth prospects and attractive industry outlook, although it didn't disclose the details of International Paper's approach. Smurfit Kappa had a market capitalization of 6.8 billion euros at the close of business Monday.
In its statement setting out the offer, International Paper said it is disappointed its approach was made public without further discussion, but that it "remains ready to engage" with Smurfit Kappa's board and shareholders.
Shares in Smurfit Kappa closed up 19% at 33.86 euros on Tuesday.
Write to Adam Clark at adam.clark@dowjones.com
(END) Dow Jones Newswires
March 06, 2018 14:24 ET (19:24 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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