Chicago-based private equity firm Madison Dearborn Partners (MDP) has offered euros 2.15 a share in cash for paper and packaging group Jefferson Smurfit in a deal worth euros 3.8 bn. Jefferson Smurfit, which once accounted for about 25% of the Irish stock market, is one of the largest manufacturers of container board and corrugated containers and recycles wastepaper in about 600 facilities worldwide.
Madison Dearborn says that shareholders with an aggregate stake of about 83.2% of the group have accepted the offer, which is conditional on the spin-off of the US Smurfit-Stone Container Group, in which JSG holds a 29.3% stake.
MDP has separately offered $1.08 per share for Smurfit's stake in Smurfit-Stone. The American division of Jefferson Smurfit was based in St. Louis prior to its 1998 merger with Stone Container Corp. The merged company became Smurfit-Stone Container Corp. based in Chicago.
Jeffrerson Smurfit announced that its half-year pre-tax profits before exceptionals dropped 12.2% to euros 86m, in line with expectations.
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