Find Your Broker
Share Name Share Symbol Market Type
Smurfit Kappa Group Plc USOTC:SMFKY Other OTC Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -$0.10 -0.40% $25.14 $25.13 $25.20 $25.374 $25.00 $25.175 40,081 21:19:52

Smurfit Kappa Reiterates International Paper Rejection -- Update

16/05/2018 4:05pm

Dow Jones News


Smurfit Kappa Group Plc (USOTC:SMFKY)
Historical Stock Chart

1 Year : From Dec 2017 to Dec 2018

Click Here for more Smurfit Kappa Group Plc Charts.

(Adds Smurfit Kappa response.)

 

By Adam Clark

 

Irish packaging company Smurfit Kappa Group PLC (SK3.DB) on Wednesday reiterated its rejection of a 8.9 billion euro ($10.6 billion) takeover approach from International Paper Co. (IP) after regulators set a deadline for a formal bid.

"The board continues to believe that the best interests of the group's stakeholders are served by pursuing its future as an independent company," said Smurfit Kappa.

Smurfit Kappa also said it welcomes an Irish takeover panel ruling that said International Paper has until June 6 to make a binding offer or walk away.

In its response to the takeover panel announcement, released earlier on Wednesday, International Paper said it won't proceed to a formal binding offer without support from Smurfit's board.

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 latest proposal is priced at EUR25.25 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 about EUR37.54 a 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 would seek a secondary listing on the London Stock Exchange following the takeover.

At 1420 GMT, Dublin-listed shares in Smurfit Kappa were down 5.2% at EUR33.64.

 

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

 

(END) Dow Jones Newswires

May 16, 2018 10:50 ET (14:50 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

1 Year Smurfit Kappa Group Plc Chart

1 Year Smurfit Kappa Group Plc Chart

1 Month Smurfit Kappa Group Plc Chart

1 Month Smurfit Kappa Group Plc Chart
Your Recent History
USOTC
SMFKY
Smurfit Ka..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20181215 07:45:23