Smurfit/International Paper: Smurfit investors holding more than 8% of shares pushing for company to engage
23 MAY 2018
Smurfit Kappa [ISE:SKG] investors holding more than 8% of its share capital are pushing the company to engage in talks with International Paper [NYSE:IP], the Financial Times reported.
Janus Henderson, a 4.3% shareholder, is one of those investors, telling the FT that while it will not support an offer below EUR 40 per share, it does want Smurfit to engage with IP. Two other shareholdes holding another 4% of shares, which were not identified, reportedly support that position.
The Irish Takeover Panel has set a 6 June deadline for IP to decide whether or not it wants to make a binding offer for Smurfit. IP has indicated that it is not willing to go hostile, saying it would make a binding offer only if it was recommended by Smurfit.
The EUR 40 per share price level echoes that given to this news service by Smurfit investors last week, including Sycomore Asset Management and Merrion.