International Paper Company Will Not Make Offer to Acquire Smurfit Kappa (4185Q)
06 Juin 2018 - 8:00AM
UK Regulatory
TIDMSKG
RNS Number : 4185Q
International Paper Company
06 June 2018
INTERNATIONAL PAPER PLAZA
6400 POPLAR AVENUE
MEMPHIS, TN 38197
International Paper Will Not Make Offer to Acquire Smurfit
Kappa
MEMPHIS, Tenn. - June 6, 2018 - International Paper Company
(NYSE:IP) confirmed today that the company will not make an offer
for Smurfit Kappa Group plc ('Smurfit Kappa'), given the lack of
engagement by Smurfit Kappa's Board of Directors and
Management.
In February 2018, International Paper provided representatives
of Smurfit Kappa's Board of Directors with a proposal to acquire
the company. Following discussions with shareholders of both
companies, IP put forward a revised proposal on March 26, 2018. IP
believes the revised proposal was highly attractive and formed a
sound basis for engagement, which the company viewed as essential
to determining the full value potential of the combination.
"While we continue to believe in the strategic and financial
potential of this combination, our commitment was to proceed in a
disciplined manner that would create value for both sets of
shareholders," said Mark Sutton, Chairman and CEO of International
Paper. "Moving forward, we remain focused on executing our strategy
and are excited about our outlook. We have many levers to create
shareholder value and will be responsible stewards of our
shareholders' capital," added Sutton.
As a result of this announcement, International Paper is bound
by the restrictions set out in Rule 2.8 of the Irish Takeover
Rules. International Paper reserves the right within the next 12
months to set aside this announcement where so permitted under Rule
2.8 (including Rule 2.8(c)(ii)).
About International Paper
International Paper (NYSE: IP) is a leading global producer of
renewable fiber-based packaging, pulp and paper products with
manufacturing operations in North America, Latin America, Europe,
North Africa, India and Russia. We produce corrugated packaging
products that protect and promote goods, and enable worldwide
commerce; pulp for diapers, tissue and other personal hygiene
products that promote health and wellness and papers that
facilitate education and communication. We are headquartered in
Memphis, Tenn., and employ approximately 52,000 colleagues located
in more than 24 countries. Net sales for 2017 were $22 billion. For
more information about International Paper, our products and global
citizenship efforts, please visit internationalpaper.com.
Inquiries
International Paper
Media
Tom Ryan +1 901 419 4333
Investor Relations
Guillermo Gutierrez +1 901 419 1731
Michele Vargas +1 901 419 7287
Deutsche Bank (Financial Adviser and Corporate
Broker to International Paper)
Richard Sheppard
Chris Raff
Charles Wilkinson (Corporate Broking) +44 20 7545 8000
Statements required by the Irish Takeover Rules
The Directors of International Paper accept responsibility for
the information contained in this announcement. To the best of
their knowledge and belief (having taken all reasonable care to
ensure that such is the case), the information contained in this
announcement is in accordance with the facts and does not omit
anything likely to affect the import of such information.
Deutsche Bank AG is authorized under German Banking Law
(competent authority: European Central Bank) and, in the United
Kingdom, by the Prudential Regulation Authority. It is subject to
supervision by the European Central Bank and by BaFin, Germany's
Federal Financial Supervisory Authority, and is subject to limited
regulation in the United Kingdom by the Prudential Regulation
Authority and the Financial Conduct Authority ("FCA"). Details
about the extent of its authorization and regulation by the
Prudential Regulation Authority, and regulation by the FCA, are
available on request or from
www.db.com/en/content/eu_disclosures.htm. Deutsche Bank Securities
Inc ("DBSI") is acting as financial adviser and Deutsche Bank AG,
acting through its London Branch (together with DBSI, "Deutsche
Bank"), is acting as financial adviser and corporate broker to
International Paper and no other person in connection with this
announcement or any of its contents. Deutsche Bank will not be
responsible to any person other than International Paper for
providing any of the protections afforded to clients of Deutsche
Bank, nor for providing any advice in relation to the acquisition
or any other matter referred to herein. Neither Deutsche Bank nor
any of its affiliates owes or accepts any duty, liability or
responsibility whatsoever (whether direct or indirect, whether in
contract, in tort, under statute or otherwise) to any person who is
not a client of Deutsche Bank in connection with this announcement,
any statement contained herein or otherwise.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
OTTSSFEFIFASESM
(END) Dow Jones Newswires
June 06, 2018 02:00 ET (06:00 GMT)
Smurfit Kappa (LSE:SKG)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Smurfit Kappa (LSE:SKG)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024