LONDON (ShareCast) - (Sharecast News) - International Paper Company confirmed on Wednesday that it would not make an offer for Smurfit Kappa Group, citing what it called a "lack of engagement" by Smurfit Kappa's board of directors and management.
In February, International Paper provided representatives of Smurfit Kappa's board with a proposal to acquire the company.

Following discussions with shareholders of both companies, it said it put forward a revised proposal on 26 March.

The US-based packaging giant said it believed the revised proposal was "highly attractive" and formed a "sound basis" for engagement, which it viewed as essential to determining the full value potential of the combination.

"While we continue to believe in the strategic and financial potential of this combination, our commitment was to proceed in a disciplined manner that would create value for both sets of shareholders," said International Paper chairman and CEO Mark Sutton.

"Moving forward, we remain focused on executing our strategy and are excited about our outlook.

"We have many levers to create shareholder value and will be responsible stewards of our shareholders' capital."

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