International Paper Announces Expiration Of HSR In DS Smith Deal

(RTTNews) - International Paper (IP), which is in deal to acquire UK packaging solutions company DS Smith Plc (SMDS.L), announced Tuesday the expiration of the waiting period under the Hart-Scott-Rodino Act in the United States for the proposed combination.

The expiration removes the HSR Act's bar to closing of the deal.

Meanwhile, the completion of the combination remains subject to the satisfaction or waiver of the remaining conditions. These include regulatory clearance from the European Commission and the sanctioning of the Scheme by the Court.

International Paper and DS Smith still expect the Scheme to become effective in the fourth quarter of 2024.

It was on April 16 that International Paper and DS Smith announced that they have reached agreement on the terms of a recommended all-share combination that valued each DS Smith share at 415 pence per share. The deal would result in IP issuing 0.1285 shares for each DS Smith share, resulting in pro forma ownership of 66.3 percent for IP shareholders and 33.7 percent for DS Smith shareholders.

The transaction value then was around $9.9 billion.