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, International Paper put forward a revised proposal on March 26, 2018.
International Paper 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.