Smurfit Kappa notes the announcement released on the evening of 6 March 2018 by International Paper Company setting out the price of the unsolicited and highly opportunistic proposal that was originally made to the Board of Smurfit Kappa on 23 February 2018 and rejected in the Group’s announcement of 6 March 2018.
The Board of Smurfit Kappa has already carefully considered, with its financial advisers, the Proposal in detail and has unanimously rejected it on the basis that it fails entirely to reflect the Group’s superior prospects as an independent business and represents a valuation multiple significantly below recent comparable transactions.
Shareholders are strongly advised to take no action.
This announcement is made without the consent of International Paper.
There can be no certainty that any firm offer will be made, nor any certainty as to the terms on which any firm offer might be made by International Paper.
This announcement contains inside information. The person responsible for arranging for the release of this announcement on behalf of Smurfit Kappa is Michael O’Riordan, Company Secretary. The date and time of this announcement is the same as the date and time that it has been communicated to the media, at 8am on 7 March 2018.
http://www.smurfitkappa.com/vHome/com/Newsroom/PressReleases/Pages/Board_Reaffirms_Rejection_of_International_Paper_Proposal.aspx