We expect to raise our fair value estimates but don't anticipate changing either company's no-moat rating following news of the deal.
The market seems smitten with the newfound pricing power in the industry, but it won't last.
Smurfit-Stone is benefiting from recent strength in corrugated markets.
Western Asset manager Ryan Brist expects a lot of risk in the corporates market in 2013-14, as banks pare risky lending practices and opportunities to enter or exit the bond market shrink.
Smurfit-Stone is working through its cost-reduction program with modest results.