IRELAND: Irish Takeover Panel Announcement – Smurfit Kappa Group

Monday May 21 2018

On 6 March 2018, Smurfit Kappa Group plc (SKG) announced that it had rejected a proposal from International Paper Company (IP) to acquire SKG. On 26 March 2018 SKG announced that it had rejected a revised proposal from IP.

Following representations made by SKG and its advisors, and correspondence with the advisors to both SKG and IP, the Panel has ruled that, except with the consent of the Panel, IP must by 7.00 a.m. on 6 June, 2018 either announce an offer for SKG under Rule 2.5 of the Takeover Rules or announce that it will not proceed with an offer for SKG.

In the event that IP announces that it will not proceed with an offer for SKG it will, except with the consent of the Panel, be bound by the restrictions contained in Rule 2.8(c) of the Takeover Rules for 12 months from the date of such announcement.

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