Deals
International Paper Rises as Smurfit Rejects Sweetened Bid
- Revised cash-and-stock proposal values company at $11 billion
- International Paper ready to engage with Dublin-based firm
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International Paper Co. shares rose after the company’s sweetened 8.9 billion-euro ($11 billion) takeover bid for Smurfit Kappa Group Plc was rejected by the Irish packaging company.
Smurfit said its directors unanimously spurned the revised cash-and-stock offer of 37.54 euros per share as inadequate. The company’s stock traded as low as 33.34 euros in Dublin while International Paper climbed as much as 4.8 percent in New York, its biggest intraday gain in two months, indicating shareholders see any chance of a deal receding.