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Revised proposal from International Paper fails to reflect Smurfit Kappa’s intrinsic value, track record and superior prospects as an independent business.
Under the terms of the revised proposal, Smurfit Kappa shareholders would receive €25.25 in cash (which would be reduced to €24.605 after payment of the final dividend of 64.5% recommended on 7 February 2018 and to be paid on 11 May 2018) and 0.3028 new shares of International Paper common stock for each Smurfit Kappa ordinary share held by them.
The Board unanimously reaffirms its belief that it is in the best interests of the Group’s stakeholders for Smurfit Kappa to pursue its future as an independent company, headquartered in Ireland.