WestRock Stock Up Eight Percent After Smurfit Kappa Merger Atlanta, Georgia based WestRock, one of the world's larg- est containerboard producers, and Europe's Smurfit Kap- pa have signed a definitive agreement to create a $20B packaging giant called Smurfit WestRock. WestRock stock climbed by approximately eight per- cent during the hours after the deal was announced, while Smurfit's London-listed shares declined by approximately nine percent. Under the deal, WestRock shareholders will receive one new Smurfit WestRock share and $5 in cash for each WRK share they hold. This equates to $43.51 per share. Smurfit and WestRock together generated last 12 months' adjusted annual revenue of aboout $34B as of June 30, which would make Smurfit WestRock the largest listed global packaging partner by revenue. Shareholders of Smurfit and WestRock will own about 50.4 percent and 49.6 percent of the combined compa- ny, respectively. Smurfit WestRock will be listed on NYSE and the London Stock Exchange. Smurfit Kappa CEO Tony Smurfit and and its chair, Irial Finan, will lead the combined firm. “We will have the leading assets, a unique global foot- print in both paper and corrugated, significant synergies, and enhanced scale to deliver value in the short, medium and long term,” said Tony Smurfit.
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www.boardconvertingnews.com
September 25, 2023
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