![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.2499 | -0.55% | 45.00 | 44.00 | 45.98 | 45.26 | 44.9001 | 45.26 | 7,308 | 21:03:12 |
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.
1 Year Smurfit Kappa (PK) Chart |
1 Month Smurfit Kappa (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions