International Paper announced today it would not make an offer to acquire Smurfit Kappa Group. According to Irish law the US company will be barred from making another attempt to buy Smurfit Kappa for 12 months.
US Company International Paper (IP) confirmed today that it will not make an offer for Irish Smurfit Kappa Group, given the lack of engagement by Smurfit Kappa's Board of Directors and Management.
In February 2018, IP made an initial offer to acquire Smurfit Kappa, submitted an improved offer on 26 March, but the management of Smurfit Kappa considered both offers as far too low. The first bid was € 36.46 per ordinary share of Smurfit Kappa, the second was increased to € 37.54.
According to Irish stock exchange regulations, IP will be barred from making another attempt to acquire Smurfit Kappa for 12 months.