March 26, 2018 / 6:34 AM / a month ago

BRIEF-Smurfit Kappa Rejects Revised Proposal From International Paper

March 26 (Reuters) - Smurfit Kappa Group Plc:

* REG-SMURFIT KAPPA GROUP PLC STATEMENT RE REJECTION OF REVISED PROPOSAL FROM INTERNATIONAL PAPER

* RECEIVED REVISED PROPOSAL FROM INTERNATIONAL PAPER COMPANY (“INTERNATIONAL PAPER”) ON THURSDAY EVENING, 22 MARCH 2018

* UNDER REVISED PROPOSAL, CO SHAREHOLDERS TO RECEIVE EUR 25.25 IN CASH, 0.3028 NEW SHARES OF IP STOCK FOR EACH CO SHARE

* REVISED PROPOSAL WOULD VALUE EACH SMURFIT KAPPA SHARE AT EUR 37.54, REDUCED TO EUR 36.90 WHEN FINAL DIVIDEND IS EXCLUDED

* BOARD HAS UNANIMOUSLY REJECTED REVISED PROPOSAL

* “REVISED PROPOSAL ALSO FUNDAMENTALLY UNDERVALUES GROUP AND REMAINS SIGNIFICANTLY BELOW VALUATIONS SET BY RECENT INDUSTRY TRANSACTIONS” Source text for Eikon: Further company coverage:

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