Packaging giant Smurfit Kappa has noted that a revised takeover bid from International Paper ‘fails to value the group’s true intrinsic business worth’, on the back of a ‘record performance’ in 2017.
Smurfit Kappa said that it received a revised bid from International Paper on Thursday last, 22 March, which would see Smurfit Kappa shareholders receive €25.25 in cash and 0.3028 new shares of International Paper common stock for each Smurfit Kappa ordinary share held.
This is approximately 3% higher than the previous bid made by International Paper on 6 March, which was valued at around €8.6 billion.
