Mondi board decides DS Smith offer ‘not in best interests’ of shareholders

Mondi (MONDY) notes the terms of the recommended all-share combination of International Paper Company (IP) with DS Smith Plc (DITHF)) announced on April 16. Mondi said: “Following a period of due diligence, and after carefully considering the value the combination with DS Smith would deliver to Mondi’s shareholders, the Mondi Board has decided that the transaction would not be in the best interests of its shareholders. Accordingly, Mondi does not intend to make an offer for DS Smith. Mondi’s Board remains confident that its compelling portfolio of sustainable packaging and paper products, scale and cost advantaged quality asset base, along with its pipeline of organic investments, ensure it is well positioned to deliver long-term structural growth in the markets in which it operates, delivering strong cash generation, attractive returns and sustainable value accretive growth for shareholders.”