By Michele Maatouk
Date: Monday 08 Apr 2024
LONDON (ShareCast) - (Sharecast News) - US paper giant International Paper is reportedly closing in on a formal £5bn-plus bid for London-listed packaging group DS Smith.
According to Sky News, International Paper and its advisers are hoping to reach an agreement on a recommended offer by the end of this week.
That would represent a key milestone in an unfolding takeover battle for one of Britain's biggest industrial companies, ahead of a deadline imposed by the City's Takeover Panel of 23 April.
City sources told Sky on Monday that both International Paper and DS Smith were working towards a so-called Rule 2.7 announcement before this weekend, although they acknowledged that it could slip into next week, depending upon the progress of talks.
A recommended offer from the US-based predator would still leave the door ajar for Mondi, DS Smith's London-listed rival, to trump the International Paper bid.
Both prospective bidders have proposed all-stock deals, triggering a bidding war for a business viewed for years as a perennial takeover candidate.
International Paper said last week that it would pursue a secondary listing of its shares in London if it succeeded in its bid for DS Smith. It also said it expects the combination of the companies to generate £375m of cost synergies.
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Currency | UK Pounds |
Share Price | 373.60p |
Change Today | 0.042p |
% Change | 1.14 % |
52 Week High | 412.00 |
52 Week Low | 264.20 |
Volume | 577,824 |
Shares Issued | 944.74m |
Market Cap | £3,529.56m |
Strong Buy | 2 |
Buy | 2 |
Neutral | 5 |
Sell | 0 |
Strong Sell | 0 |
Total | 9 |
Time | Volume / Share Price |
16:29 | 128 @ 373.60p |
16:29 | 4 @ 373.40p |
16:29 | 2 @ 373.40p |
16:29 | 1,055 @ 373.40p |
16:28 | 79 @ 373.60p |
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