International Paper (NYSE: IP) today announced that it has completed the transfer of its North America Consumer Packaging business to Graphic Packaging. As a result of the transaction, Graphic Packaging has assumed $660 million of IP debt. IP now holds a 20.5% ownership interest in the subsidiary of Graphic Packaging that holds the assets of the combined business. The transferred business includes approximately 3,900 employees, two coated paperboard mills and three converting facilities in the U.S., along with one converting facility in the U.K.
http://internationalpaper2015.q4web.com/news-releases/press-r/2018/International-Paper-Completes-Transfer-of-Their-North-America-Consumer-Packaging-Business-to-Graphic-Packaging/default.aspx
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Smurfit Kappa notes the announcement released on the evening of 6 March 2018 by International Paper Company setting out the price of the unsolicited and highly opportunistic proposal that was originally made to the Board of Smurfit Kappa on 23 February 2018 and rejected in the Group’s announcement of 6 March 2018. The Board of Smurfit Kappa has already carefully considered, with its financial advisers, the Proposal in detail and has unanimously rejected it on the basis that it fails entirely to reflect the Group’s superior prospects as an independent business and represents a valuation multiple significantly below recent comparable transactions. Shareholders are strongly advised to take no action. This announcement is made without the consent of International Paper. Click Read More below for additional information.