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Smurfit shareholders await further offers

Smurfit shareholders await further offers

Smurfit Kappa (SKG) may have spent the past year fighting the effects of cost inflation, but management doesn’t think the packaging group needs outside help. Chairman Liam O’Mahony described a cash-and-shares offer from Memphis-based paper group International Paper as “highly opportunistic” in a response issued ahead of the bidder making the terms of its offer public. Regardless, it sent the shares up more than a fifth on the day of the news to an all-time high.

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