International Paper Shares Rise as Suzano Reportedly Mulling Bid
By Colin Kellaher
Shares of International Paper rose more than 5% in early trading Tuesday following a published report that Brazilian pulp and paper company Suzano has approached the paper-products maker about an all-cash acquisition that would be worth almost $15 billion.
Suzano has verbally communicated a $42-a-share offer to International Paper's board and could submit a formal bid in the coming days, Reuters reports, citing people familiar with the matter.
The reported Suzano bid would represent a nearly 14% premium to International Paper's Monday closing price of $36.92. Shares of the Memphis, Tenn., company were recently changing hands at $39.93, up 5.4%.
Suzano's interest has the potential to upend International Paper's agreement to buy U.K. peer DS Smith in a stock swap worth more than $7 billion.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
May 07, 2024 10:26 ET (14:26 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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