19 Apr. 2024: After International Paper (IP) and DS Smith have agreed on the conditions for a combination of the companies on Tuesday, Mondi officially declared it would not place an offer to buy the British company.
The company stated today it had noted the terms of the recommended all-share combination of IP with DS Smith announced on 16 April 2024.
Following a period of due diligence, and after carefully considering the value the combination with DS Smith would deliver to Mondi's shareholders, the Mondi Board has decided that the transaction would not be in the best interests of its shareholders. Accordingly, Mondi does not intend to make an offer for DS Smith.
At the start of March DS Smith and Mondi announced that they had reached an agreement in principle for a possible combination of the companies. The deadline to submit a firm purchase offer was extended twice, most recently to 23 April.
However, IP informed that it had reached an agreement on the conditions to buy DS Smith on 16 April, valuing the British packaging firm at £5.8bn.