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4-Traders Homepage  >  Equities  >  Nyse  >  International Paper Company    IP

INTERNATIONAL PAPER COMPANY (IP)
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Smurfit Kappa Reiterates International Paper Rejection -- Update

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05/16/2018 | 04:51pm CEST

(Adds Smurfit Kappa response.)

By Adam Clark

Irish packaging company Smurfit Kappa Group PLC (SK3.DB) on Wednesday reiterated its rejection of a 8.9 billion euro ($10.6 billion) takeover approach from International Paper after regulators set a deadline for a formal bid.

"The board continues to believe that the best interests of the group's stakeholders are served by pursuing its future as an independent company," said Smurfit Kappa.

Smurfit Kappa also said it welcomes an Irish takeover panel ruling that said International Paper has until June 6 to make a binding offer or walk away.

In its response to the takeover panel announcement, released earlier on Wednesday, International Paper said it won't proceed to a formal binding offer without support from Smurfit's board.

International Paper said it believes the two companies should meet to discuss the potential deal, which was revealed by Smurfit Kappa in early March.

Smurfit Kappa has rejected the approach as failing to reflect its growth prospects. The latest proposal is priced at EUR25.25 in cash and 0.3028 new International Paper shares for each Smurfit Kappa share. Based on International Paper's closing share price on Tuesday, this values the bid at about EUR37.54 a Smurfit Kappa share.

On Wednesday, International Paper said it would allow Smurfit Kappa shareholders to vary the proportion of cash and shares received in the deal, and would seek a secondary listing on the London Stock Exchange following the takeover.

At 1420 GMT, Dublin-listed shares in Smurfit Kappa were down 5.2% at EUR33.64.

Write to Adam Clark at [email protected]; @AdamDowJones

Stocks mentioned in the article
ChangeLast1st jan.
SMURFIT KAPPA GROUP 1.06% 3056 Delayed Quote.21.18%
SMURFIT KAPPA GROUP PLC -0.17% 34.5 End-of-day quote.23.21%
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Financials ($)
Sales 2018 23 271 M
EBIT 2018 2 891 M
Net income 2018 2 250 M
Debt 2018 8 779 M
Yield 2018 3,50%
P/E ratio 2018 10,51
P/E ratio 2019 10,25
EV / Sales 2018 1,36x
EV / Sales 2019 1,30x
Capitalization 22 879 M
Chart INTERNATIONAL PAPER COMPAN
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International Paper Compan Technical Analysis Chart | IP | US4601461035 | 4-Traders
Technical analysis trends INTERNATIONAL PAPER COMPAN
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 64,4 $
Spread / Average Target 17%
EPS Revisions
Managers
NameTitle
Mark S. Sutton Chairman & Chief Executive Officer
Glenn R. Landau Chief Financial Officer & Senior Vice President
Robert W. Wenker Chief Information Officer & Vice President
David J. Bronczek Independent Director
J. Steven Whisler Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
INTERNATIONAL PAPER COMPANY-4.66%22 879
WESTROCK-2.93%15 585
MONDI10.05%13 614
MONDI LIMITED10.71%13 614
PCA - PACKAGING CORPORATION OF AMERICA1.45%11 551
SMURFIT KAPPA GROUP PLC23.21%9 575