The €2.15 per share cash offer for Jefferson Smurfit from US venture capital company Madison Dearborn Partners was declared unconditional today. A statement from the paper and packaging company said that all the necessary shareholder and regulatory approvals had now been granted.
Last week, the High Court gave its approval for the distribution of shares in the company's part-owned US subsidiary, Smurfit Stone Container Corporation, to Smurfit shareholders.
Smurfit holds just over 29% of the US concern, valued at approximately €1.2 billion. Under the terms of the takeover, Smurfit's present shareholders are to receive one share in SSCC for every 16 Smurfit shares they hold.
The takeover deal - worth a total of €3.7 billion - will see Jefferson Smurfit de-list from the Dublin Stock Exchange where it has been a major stock since 1964. But its present management will remain in place with Dr Michael Smurfit remaining on as chairman.
* Standard & Poors said this evening it had lowered its long term credit rating on Smurfit. Smufit shares closed a cent lower in Dublin at €2.97.
