LONDON: International Paper Co ended its pursuit of Smurfit Kappa Group Plc after the Irish packaging manufacturer rebuffed two takeover offers and refused to engage in talks.
The Memphis, Tennessee-based company said it won’t make a formal bid. Smurfit rejected the earlier proposals as too low, and said yesterday it has “superior prospects” by remaining independent. Smurfit shares rose 3.4%.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!