Dublin-headquartered packaging giant Smurfit Kappa has turned down a revised multibillion-pound takeover offer from a U.S. counterpart after deciding that the proposal "undervalues the group" and remains "significantly below the valuations set by recent industry transactions".
The latest proposal from International Paper (IP) is on the basis of €25.25 and 0.3028 IP shares for each Smurfit Kappa share.
As of 09:52 BST, Smurfit Kappa's share price had given up 3.79 percent to 2,942.00p, significantly underperforming the broader United Kingdom market, with the benchmark FTSE 100 index having climbed into positive territory and now standing 0.28 percent higher at 6,941.47 points.
Smurfit Kappa said on Monday that it had rejected a second takeover bid from Memphis-based International Paper in the space of a month, on the grounds that the proposal failed to reflect the group's "intrinsic value, track record and superior prospects as an independent business". International Paper has about 52,000 workers and operations spanning the Americas, Asia, Africa, Europe and the Middle East. The new offer marks an improvement on the previous €36.46-per-share bid. Smurfit has a market capitalisation of EUR8.23 billion based on Friday's closing price of EUR34.74 for its Irish-listed shares.
Shares in the FTSE 100 firm slipped 92p to 2,966p on the rejection of the offer.
Smurfit Kappa announced in a statement this morning that it had received a revised cash-and-share proposal from International Paper Company on Thursday evening, valuing each Smurfit Kappa share at €37.54. The other worry is that SKG will continue to hold out for improved terms which may never materialise. "In which case, shareholders are cashing out as close to the top as they can", said Accendo Markets analyst Mike Van Dulken.
International Paper Company submitted the proposal to Smurfit Kappa's chairman Liam O'Mahony on 22 March following a series of attempts to enter discussions.
"International Paper remains willing to move quickly and cooperatively to engage with Smurfit Kappa with a view to achieving a recommended transaction.", the US company said Monday. "Accordingly, International Paper remains willing to move quickly and cooperatively to engage with Smurfit Kappa with a view to achieving a recommended transaction".
"The second bid does, after all, show willingness to maintain the bid's 67% cash value to SKG shareholders".
However, O'Mahony again called the offer "highly opportunistic". "Especially given the risk that the value of the 32% share component worsens further, assuming the deal requires at least come anti-trust approval", Van Dulken added.
However, China has denied these claims and has voiced opposition to the Navy's operations in the South China Sea. The combat drills passed over the Miyako Strait near Okinawa, which lies between Japan's southern islands.
Among 19 analysts covering Philip Morris International ( NYSE:PM ), 14 have Buy rating, 0 Sell and 5 Hold. Moving 1.53% from the previous session and touching $93.99 on a recent trade, shares of Time Warner Inc .
The comment from Kyrgios prompted an angry response from Verdasco, who suggested the Aussie was gutless for deleting the post. This comes after Thanasi Kokkinkakis defeated world number one Roger Federer in the second round of the Miami Open.
DMX now awaits sentencing after pleading guilty to tax fraud for avoiding $1.7 million in taxes over the course of five years. In papers filed last week, prosecutors called DMX's crime brazen and sought a five-year prison sentence.
It is negative, as 78 investors sold MDLZ shares while 422 reduced holdings. 107 funds opened positions while 619 raised stakes. Financial Counselors Inc increased Conagra Brands Inc (NYSE:CAG) stake by 15,361 shares to 165,531 valued at $5.59M in 2017Q3.
Simple BUY signals occur when prices close above the moving average; SELL signals occur when prices fall below the moving average. The stock has actually weakened in the past week, as the company has gathered a -10.05% return in the past 5 trading days.
CEO's Take: Karl-Johan Persson, CEO, said: "The rapid transformation of the fashion retail sector continues". Total sales for the company's new brands rose by 15%, according to a company press release.
Mountain Capital Investment Advisors Inc acquired a new position in shares of Cisco Systems during the 2nd quarter worth $104,000. The rating was upgraded by Natixis on Wednesday, February 8 to "Buy". (NASDAQ:SIGM) earned "Outperform" rating by Robert W.
The company entered the scene more than three years ago with its GIF Keyboard , which it launched for iOS devices. The platform launched its first sponsored GIF late previous year and now works with many big brands.
BC loses bid to challenge NEB Trans Mountain ruling
The federal government approved the pipeline expansion in 2016, but the project faces significant opposition in B.C. Notley responded to the decision for the first time on camera Monday morning at a transit announcement in St.
[LISTEN] How cameras caught Cameron Bancroft red-handed
Once the ball tampering furore exploded in Cape Town there was only ever going to be two options for Lehmann - quit or be sacked. He added: "This issue goes beyond the technical nature of the offences and various codes of conduct ".
McCormick Inc. (NYSE:MKC) 1Q18 earnings sneak peek
Cape Cod Five Cents Retail Bank holds 0.29% of its portfolio in McCormick & Company, Incorporated (NYSE: MKC ) for 18,166 shares. Bath Savings Trust Co increased its position in shares of McCormick & Company, Incorporated by 4.2% during the fourth quarter.
CBDT extends last date for Aadhaar-PAN linking till June 30
The order said the deadline for PAN-Aadhaar linking for filing I-T returns is being extended after "consideration of the matter". The government has now made quoting of Aadhaar mandatory for filing income tax returns (ITRs) as well as obtaining a new PAN.
CDC: Second wave of flu virus happening now
The flu remains widespread in 17 states, which is why the CDC recommends a flu shot for people in those areas. As of March 17, the drop has been from 3.3% to 2.7% of patient visits caused by the flu, the CDC said.
Under Analysts' Radar: Goodyear Tire Rubber (GT)
Its down 0.10, from 1.14 in 2017Q2. 226.27 million shares or 0.48% more from 225.19 million shares in 2017Q2 were reported. Cincinnati Specialty Underwriters Insurance Co holds 3.6% of its portfolio in RPM International Inc. for 80,000 shares.
Alleged cult leader charged with sex trafficking
After authorities took him into custody on a US warrant, investigators said the women got into a high-speed auto chase. The complaint goes on to say slaves were branded on their pelvic areas with a symbol that included Raniere's initials.