Smurfit finds buyer in the US
12 April 2012
PAPER and packaging group Jefferson Smurfit, which once accounted for about 25% of the Irish stock market, has passed into foreign hands in a e3.8bn (£2.37bn) deal with US private equity firm Madison Dearborn.
Shareholders with an aggregate stake of about 83.2% of the group have accepted a cash offer of e2.15 a share, which will remain open until 20 August. The deal is dependent on the spin-off of the Smurfit-Stone Container Group, in which JSG holds a 29.3% stake.
JSG also announced that its half-year pre-tax profits before exceptionals dropped 12.2% to e86m, in line with expectations.
