Smurfit Kappa shareholder Janus Henderson sells down stake to below 3%
15 AUG 2018
Smurfit Kappa [ISE:SKG] [LON:SKG] shareholder Janus Henderson has sold down its stake in the Ireland-based packaging group from 3.9% to less than 3%. The reduced stake was disclosed in an Irish Stock Exchange announcement on Monday, 13 August.
Janus in May threatened to launch a campaign for board changes at Smurfit Kappa due to the board’s rejection of takeover approaches from Tennessee-based rival International Paper [NYSE:IP].
An Irish Times report on 15 August noted that Smurfit’s share price has recovered since dipping in June after IP announced that it was withdrawing its bid. Smurfit’s share price reached up to EUR 36.77 three times last week, the item noted, adding that the price was 12% higher than its previous high in April, when IP was still pursuing a bid. Smurfit’s share price is now 28% higher than it was before news of IP’s initial bid approach in March, the report added.
Market sources cited by the report said Smurfit’s share price may reflect continued bid speculation, although IP is not allowed to return with a fresh bid for 12 months from early June, due to Irish Takeover Panel rules.
Spokespersons for Janus Henderson and Smurfitt Kappa refused to comment, the newspaper said.
Smurfit Kappa’s share price closed EUR 0.30 down at EUR 36.32 in Dublin on Tuesday, valuing the company at EUR 8.61bn.
Link to original source (Irish Times)