International Paper Stirs Up a Potential Bidding War Over DS Smith

International Paper has stirred up a potential bidding war over British paper packaging firm DS Smith, making a takeover offer that sent the shares of the FTSE-100 target over a two-year high.

DS Smith said on Tuesday it was in discussions with International Paper over an all-stock offer from the U.S.-listed company, which valued it at 5.72 billion pounds ($7.22 billion), or 415 pence per share.

DS Smith shares gained as much as 7.9% to 338.1 pence in early Wednesday trade, hitting their highest since January 2022.

Read the source article at Yahoo Finance