International Paper Says No Comments On Rumors Amid Strategic Initiatives And DS Smith Merger Plans

(RTTNews) - International Paper (IP) said it adheres to its standard policy of refraining from commenting on rumors or speculation circulating in recent media reports. Under the leadership of new CEO Andy Silvernail, the IP team is actively implementing business strategies and pursuing commercial and cost improvement initiatives across its portfolio.

International Paper said it remains committed to completing its previously announced merger with DS Smith.

Earlier today, Reuters reported that International Paper has been approached by Suzano with an offer to buy the Memphis paper conglomerate for about $15 billion. If the companies move ahead with the deal, it could disrupt International Paper's pending acquisition of U.K. company DS Smith. IP outbid rival Monty Plc for the deal.

Last month, International Paper and DS Smith reached agreement on the terms of a recommended all-share combination. The terms of the combination values each DS Smith share at 415 pence per share, and will result in IP issuing 0.1285 shares for each DS Smith share, resulting in pro forma ownership of 66.3 percent for IP shareholders and 33.7 percent for DS Smith shareholders, implying a transaction value of approximately $9.9 billion.