Takeover of DS Smith: Mondi will not make an offer
News General news
After International Paper and DS Smith recently reached an agreement on the terms of a merger, Mondi is now officially withdrawing from the race.
As the paper and packaging manufacturer announced on 19 April, Mondi's shareholders have decided not to make an offer to acquire DS Smith.
Mondi takes note of the conditions of the possible merger of International Paper Company with DS Smith. After due diligence and careful consideration of the value that the merger with DS Smith would bring to Mondi shareholders, the Mondi Board of Directors concluded "that the transaction would not be in the best interests of shareholders," according to a statement. Mondi did not provide any further details.
At the beginning of March, DS Smith and Mondi had reached an agreement in principle on a possible merger and the financial details of a merger. Most recently, the deadline for submitting an official offer was extended to 23 April this year.
