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MarketScreener 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 adam.clark@dowjones.com; @AdamDowJones

Stocks mentioned in the article
ChangeLast1st jan.
INTERNATIONAL PAPER COMPANY 0.70% 52 Delayed Quote.-10.30%
SMURFIT KAPPA GROUP -0.37% 3220 Delayed Quote.27.24%
SMURFIT KAPPA GROUP PLC 1.24% 35.96 End-of-day quote.28.43%
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Financials ($)
Sales 2018 23 342 M
EBIT 2018 3 001 M
Net income 2018 2 405 M
Debt 2018 9 878 M
Yield 2018 3,68%
P/E ratio 2018 8,92
P/E ratio 2019 9,21
EV / Sales 2018 1,33x
EV / Sales 2019 1,25x
Capitalization 21 249 M
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Technical analysis trends INTERNATIONAL PAPER COMPAN
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 64,2 $
Spread / Average Target 24%
EPS Revisions
Managers
NameTitle
Mark S. Sutton Chairman & Chief Executive Officer
Timothy S. Nicholls 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-10.30%21 249
WESTROCK-12.48%14 113
MONDI8.70%13 029
MONDI LIMITED25.80%13 029
PCA - PACKAGING CORPORATION OF AMERICA-7.42%10 547
SMURFIT KAPPA GROUP PLC28.43%9 637