DS Smith PLC (LSE:SMDS) has moved one step closer to a £5.8 billion tie-up with International Paper Co (NYSE:IP, ETR:INP), noting on Tuesday that a preliminary proxy statement had been issued by the latter.
DS Smith highlighted International Paper’s statement from late last week, which said the takeover was in its best interests and recommended shareholders approve.
This also included forecasts for International Paper’s adjusted profits to sit at US$1.93 billion this year, before climbing to US$2.43 billion and US$2.64 billion in 2025 and 2026 respectively.
DS Smith chief executive Miles Roberts had said last week that work on the merger was “going very well” and moving at “absolutely full steam”.
The duo initially agreed to the tie-up in April, after International Paper trounced a £5.1 billion offer from FTSE 100-listed Mondi PLC (LSE:MNDI).