Rejection of Unsolicited and Highly Opportunistic Approach

Smurfit Kappa, headquartered in Dublin, Ireland, announces that it has received an unsolicited proposal from International Paper Company (“International Paper”), headquartered in Memphis, USA, whereby International Paper would acquire Smurfit Kappa and Smurfit Kappa shareholders would receive a combination of cash and a minority holding in the combined business (the “Proposal”).

The Board of Smurfit Kappa has carefully considered the Proposal and believes it is in the best interests of the Group’s shareholders and other stakeholders to pursue its future as an independent company, operating as the European and Pan-American leader in paper-based packaging. Smurfit Kappa is a world leader in paper-based packaging with an established track record of consistently delivering strong and improving operating and financial performance.

Smurfit Kappa recently announced record EBITDA for 2017 of €1,240 million and a full year ROCE of 15% and the underlying positive trading conditions have continued into 2018. As part of its year end results, Smurfit Kappa announced an acceleration of its investment programme based on plans to improve its market position and strengthen its integrated model between 2018 and 2021.

The Proposal fails entirely to reflect the Group’s strong growth prospects and attractive industry outlook.
more at:  http://www.smurfitkappa.com/vHome/com/Newsroom/PressReleases/Pages/Rejection-of-Unsolicited-and-Highly-Opportunistic-Approach.aspx

Related Posts

Sealed Air Reports First Quarter Results

Net sales of $1.1 billion increased 10% on an as reported basis. Currency had a positive impact on total net sales of 4%, or $36 million. As reported, net sales increased across all regions. Net loss from continuing operations on an as reported basis was $208 million, or $(1.25) per diluted share, as compared to $54 million, or $(0.27) per diluted share, in the first quarter 2017. Net loss in the first quarter 2018 was unfavorably impacted by $293 million of special items, primarily related to $290 million of provisional tax expense for one-time tax on unrepatriated foreign earnings pursuant to the U.S. Tax Cuts and Jobs Act of 2017 ("TCJA"). Click Read More below for additional information.

Clearwater Paper Enters into Definitive Agreement to Sell Tissue Business to Sofidel America Corporation for $1.06 Billion

Clearwater Paper Corporation announced that it has entered into a definitive agreement to sell its tissue business to Sofidel America Corporation, a subsidiary of Sofidel S.p.A., a leading manufacturer of paper for hygienic and domestic use, for $1.06 billion, subject to adjustments for debt, cash, transaction expenses and net working capital. The transaction represents the next step in the Company’s transformation to become a premier independent supplier of paperboard to North American converters and the conclusion of its previously announced review of strategic options for the tissue business. “We are pleased to have reached this agreement with Sofidel, which we believe positions Clearwater Paper for its next chapter of growth and value creation,” said Arsen Kitch, President and Chief Executive Officer. “Clearwater Paper is transforming into a premier paper supplier in North America. Upon completion of this transaction, we intend to deleverage our balance sheet while scaling and diversifying our paperboard business to meet the needs of our customers. We look forward to delivering innovative and sustainable products to our converter customers while generating strong returns for our shareholders.”

Amcor announces expansion of thermoforming production capacity to support healthcare customer growth in North America

Amcor announced a significant expansion of its North American thermoforming capabilities for the healthcare market. The addition of automated, state-of-the art thermoforming equipment at Amcor’s world-class healthcare manufacturing plant in Oshkosh, Wisconsin will support increasing demand from customers in the medical, pharmaceutical, and consumer health sectors. The additional capacity will provide an efficient option for companies looking to partner with Amcor to support their growth ambitions. The expansion also will allow customers to source thermoforms and companion die-cut lids from a single location, helping streamline product manufacturing and distribution.
Back To Top
×Close search
Search