 |
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.
Publicis Groupe reported 4.5 percent Q1 organic growth in net revenues to $4.1B despite the volatile macro environment.
PondelWilkinson, the Los Angeles-based IR and strategic communications shop, has expanded to the East Coast by adding Anreder & Company veterans following the retirement of principal Steven Anreder.
Teneo represents American Ocean Minerals Corp as its merges with NASDAQ-listed Odyssey Marine Exploration to create a $1B deep-sea critical minerals research and mining platform that is under US-control.
Kekst CNC represents Cleveland-based Everstream as the business-only fiber network receives bankruptcy court approval for the sale of almost all of its operations to Bluebird Fiber for $385M.
FTI Consulting handles media for McCormick as the 137-year-old flavors company combines with Unilever Foods in a deal valued at $45B.
