Smurfit undervalued by International Paper

The share price today is pricing in only a small chance of a deal

6th June, 2018
Smurfit Kappa chief executive Tony Smurfit

There's still time for the impasse between packaging firm Smurfit Kappa and suitor International Paper to break — but investors are bracing for the three-month stand-off to end with no deal. Recriminations will fly, but Smurfit's resistance is defensible.

In late March, International Paper outlined a potential cash-and-stock offer worth €8.8 billion based on its then share price. It wanted the Irish company's agreement before making a formal bid and later ruled out making a...

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