 |
Sard Verbinnen is handling International Paper’s nearly $11B bid for Ireland’s Smurfit Kappa, which believes (at this point) that independence is its best strategy.
Memphis-based IP made its initial offer for the packaging company in March. The company ruled out a hostile bid on May 16, saying it will not proceed with a binding offer unless it’s accepted by SK’s board of directors.
SK applauded IP’s decision to seek its blessing for a deal but maintains that its best interests “are served by pursuing the future as an independent company, operating as the European and Pan-American leader in paper-based packaging.”
It rapped the American company’s offer as below its “true intrinsic worth and prospects and remain significantly below the valuations set by recent industry transactions.”
Ireland’s takeover panel established June 6 as the deadline for IP to decide whether to pursue or drop its quest for SK.
SV&C’s David Reno and Joe Aarons represent IP along with Rory Godson, founder of UK-based Powerscourt.
As capital concentrates among established firms, emerging managers must find new ways to earn investor confidence.
Teneo handles True Food Kitchen as the Scottsdale, AZ-based wellness food restaurant chain that counts Oprah Winfrey as a minority investor files for Chapter 11.
FGS Global and Teneo represent Canada’s billionaire Weston family as its Wittington Investments holding company acquires Boots Group, the 177-year-old UK health & beauty retailer, from Sycamore Partners for $8.9B.
Joele Frank handles C.H. Robinson Worldwide as the freight transportation company acquires RXO Inc. in a stock and cash transaction pegged at $5.8B to create a company with an enterprise value of more than $25B.
Brunswick Group handles France’s Schneider Electric as it acquires Boston’s PTC, maker of engineering software, for $22.6B cash.
