International paper and retired from the negotiations about absorption with Smurfit Kappa, citing “the absence of a cardboard company engagement” after it rejected two previous approaches of the American giant.
International document, which is the largest paper packaging firm listed sales in the U.S. until tomorrow morning to make a final offer or walk away, but tonight confirmed that it will lower his desire Smurf.
Its Chairman and chief Executive officer mark Sutton said: “although we continue to believe the strategic and financial potential of this combination, our commitment was to act responsibly, to create value for both shareholder groups”.
International newspaper have been the beginning of a hostile attitude, saying that it will not continue if the proposal was recommended by the Council for Smurfit.
A smurf who trades in Dublin and London, rejected two previous proposals of an International instrument on the uptake as “fundamentally understate” their operations, although in recent weeks faced pressure from major shareholders to enter into negotiations with the U.S. business.
International paper on the final bid at the end of March, smurfit value of €8.9 billion (£7.8 billion), excluding debt, but smurfit Chairman Liam O’mahony argued that the proposal “absolutely not appreciate group the true intrinsic value of the business and future prospects”.
Shares in smurfit were up around 16pc since he was first approached by an international document, although fluctuated today as there were rumours that the rate may be left. At Tuesday’s closing price, its market capitalization amounted to 6.9 billion.
Under Irish rules international document, will not be able to make another attempt to buy a Smurf for 12 months.
The American company, which employs about 52 000 people worldwide, was the thought that making the deal in order to gain a foothold in the lucrative European market, where there is a tendency to merge in recent months.
Earlier this week, DS Smith announced plans to buy Spanish rival Europac £Internet 1.45 billion, and the company smurfit has completed the acquisition last month, buying Dutch Reparenco of the company.