AI English summary of an SEC filing — figures as filed
International Paper IPThe company said it proposed to acquire the entire issued and to be issued share capital of DS Smith Plc on March 26, 2024. The company said that, under Rule 2.6(a), it must by 5 p.m. BST on April 23, 2024 either announce a firm intention to make an offer under Rule 2.7 or announce that it does not intend to make an offer.
Key points
AI summaryThe company said it proposed to acquire the entire issued and to be issued share capital of DS Smith Plc on March 26, 2024. The company said that, under Rule 2.6(a), it must by 5 p.m. BST on April 23, 2024 either announce a firm intention to make an offer under Rule 2.7 or announce that it does not intend to make an offer.
International Paper said its directors believe the combined group can deliver at least $514 million of pre-tax cash synergies on an annual run-rate basis by the end of year 4 after completion of the combination. Of this total, the company said 92%, or $474 million, would come from cost synergies, and 3%, or $14 million, from revenue synergies.
The company said it expects total costs to achieve the synergies to be approximately $370 million. It said it expects about 33% of the synergies to be achieved on a run-rate basis by the end of year 1 after completion, and about 66% and 95% by the end of years 2 and 3, respectively.
The company said it proposed to headquarter the combined group in Memphis, Tennessee, and to establish a European headquarters in London. It said new International Paper shares issued to DS Smith shareholders would be authorized for primary listing on the New York Stock Exchange, and that it intends to seek a secondary listing on the London Stock Exchange as a 2 listing.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
DS Smith Offer and UK Takeover Code Deadline
The company said it proposed to acquire the entire issued and to be issued share capital of DS Smith Plc on March 26, 2024. The company said that, under Rule 2.6(a), it must by 5 p.m. BST on April 23, 2024 either announce a firm intention to make an offer under Rule 2.7 or announce that it does not intend to make an offer.
Source · Based on the filing body and exhibits
At Least $514 million in Annual Run-Rate Pre-Tax Cash Synergies
International Paper said its directors believe the combined group can deliver at least $514 million of pre-tax cash synergies on an annual run-rate basis by the end of year 4 after completion of the combination. Of this total, the company said 92%, or $474 million, would come from cost synergies, and 3%, or $14 million, from revenue synergies.
Source · Based on the filing body and exhibits
Synergy Costs of About $370 million and Timing
The company said it expects total costs to achieve the synergies to be approximately $370 million. It said it expects about 33% of the synergies to be achieved on a run-rate basis by the end of year 1 after completion, and about 66% and 95% by the end of years 2 and 3, respectively.
Source · Based on the filing body and exhibits
Post-Combination Headquarters and NYSE and London Listing Plans
The company said it proposed to headquarter the combined group in Memphis, Tennessee, and to establish a European headquarters in London. It said new International Paper shares issued to DS Smith shareholders would be authorized for primary listing on the New York Stock Exchange, and that it intends to seek a secondary listing on the London Stock Exchange as a 2 listing.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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