Smurfit Kappa announces level of acceptances received in respect of tender offer for minority shares in Cartón de Colombia S.A. – 92.5% of minority shares tendered.
Smurfit Kappa Group plc (“Smurfit Kappa” or the “Group”), one of the world’s largest integrated manufacturers of paper-based packaging products with operations in Europe and the Americas, is pleased to announce that, as of 6 June 2019, being the closing date for receipt of acceptances in respect of the tender offer (the “Tender Offer”) made by Smurfit Kappa to acquire the minority shares in Cartón de Colombia S.A.
(“Cartón”), as announced on 14 March 2019, valid acceptances had been received in respect of 29,945,394 Cartón shares representing approximately 92.5% of the Cartón shares which were the subject of the Tender Offer.
The consideration payable under the Tender Offer amounts to approximately €81 million and is being funded from the Group’s existing resources. It is expected that the Tender Offer will complete this week subject to customary completion conditions and adjustments and regulatory approval.
Smurfit Kappa held 69.94% of the shares in Cartón prior to the Tender Offer and will now hold 97.7% post completion of the Tender Offer.
The Tender Offer remains subject to the terms and conditions set out in the tender offer documentation.
Source: Company Press Release