Irish Takeover Panel has given International Paper time until 6 June to announce whether or not it will make a binding offer for SKG.
International Paper (IP) is renouncing its hostile offer for the Irish paper and packaging manufacturer Smurfit Kappa Group (SKG). The US paper and packaging giant announced it will not proceed with a binding offer for SKG "unless it is recommended by Smurfit Kappa's Board of Directors."
At the request of SKG, the Irish Takeover Panel has previously set a three-week deadline for International Paper to "either announce an offer for Smurfit Kappa under Rule 2.5 of the Irish Takeover Rules or announce that it will not proceed with an offer," the Irish group explained.
SKG's BOD had unanimously rejected International Paper’s takeover proposals on two occasions in March on the basis that it was significantly below the group’s true intrinsic worth and prospects and remained significantly below the valuations set by recent industry transactions.