Mondi Drops Pursuit Of DS Smith After Int’l Paper Deal

Mondi Drops Pursuit Of DS Smith After Int'l Paper Deal

Mondi Drops Pursuit Of DS Smith After Int’l Paper Deal : Mondi Abandons Acquisition Efforts Following International Paper’s Triumph

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In a dramatic conclusion to what was a closely watched corporate tug-of-war, British packaging titan Mondi has officially ceased its attempts to acquire DS Smith. This decision came in the wake of a monumental agreement between DS Smith and International Paper, valued at over $7 billion, finalized earlier this week.

Strategic Withdrawal Amidst Fierce Competition

Mondi announced on Friday that it would no longer pursue DS Smith, following a strategic review by its board. The company stated, “After thorough consideration, we have concluded that pursuing this acquisition would not align with our shareholders’ best interests.” This withdrawal marks the end of Mondi’s contention in a bidding battle that had the industry on the edge of its seat.

Earlier in April, Mondi was given until April 23 to formalize its offer or retract its bid. Despite this extension, the allure of DS Smith proved insufficient to continue the pursuit, especially against International Paper’s aggressive acquisition strategy.