Packaging giant International Paper will not make a hostile bid for Irish rival Smurfit Kappa, it said on Wednesday, after being given until 6 June to make a binding offer.
Smurfit Kappa frustrated a bid to combine the largest listed US paper packaging company with Europe's biggest when it rejected a sweetened takeover offer in March, arguing that it was better served pursuing its future as an independent company.
The Irish Takeover Panel said on Wednesday that, following representations made by Smurfit and its advisers, International Paper had three weeks to announce whether or not it will follow up with a binding offer.
