Slaughter and May is advising DS Smith on the possible offer by International Paper Company

Slaughter and May is advising DS Smith Plc (“DS Smith”) on the possible all share offer by International Paper Company (“International Paper”) for DS Smith, pursuant to which International Paper would acquire the entire issued and to be issued share capital of DS Smith (the “Proposal”). Under the terms of the Proposal, DS Smith shareholders would receive 0.1285 shares in International Paper for each share they own in DS Smith, resulting in DS Smith shareholders owning approximately 33.8 per cent. of the combined International Paper-DS Smith group. Based on International Paper’s share price of $40.85 at close of business on 25 March 2024, the terms of the Proposal represent a value of 415 pence and premium of 48 per cent. to DS Smith’s closing share price of 281 pence on 7 February 2024 (being the day prior to the commencement of the offer period in respect of DS Smith).

DS Smith is a leading provider of sustainable paper-based packaging worldwide which is supported by recycling and papermaking operations. It plays a central role in the value chain across sectors including e-commerce, fast moving consumer goods and industrials. DS Smith operates in 34 countries employing around 30,000 people and is a strategic partner of the Ellen MacArthur Foundation.

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