M&A: IP offer turned away, may pursue 3rd bid for Smurfit Kappa Group
OAKLAND, CA, March 30, 2018 (PPI Pulp & Paper Week) -Smurfit Kappa Group (SKG) on Mar. 26 rejected a sweetened takeover proposal from International Paper (IP) to create the largest global containerboard company with 19 million tonnes of annual capacity.
IP said it submitted the "revised proposal" to SKG's chairman on Mar. 22 "following a series of attempts to enter into discussions."
In a statement, SKG said the second proposal undervalued the company and was "below the valuations set in recent industry transactions." It also said that a significant portion of the offer is still in IP equity, which exposes SKG shareholders ...