The board of Smurfit Kappa has rejected an acquisition proposal from International Paper because it "entirely fails to reflect true intrinsic business worth or its short, medium or long-term prospects", the company informs.
Smurfit Kappa announces that it has received an unsolicited proposal from International Paper Company, 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.
In a statement issued today, Smurfit Kappa writes that the board of the company 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, adding that "the proposal fails entirely to reflect the group's strong growth prospects and attractive industry outlook."
There could 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, Smurfit Kappa added.
