AI English summary of an SEC filing — figures as filed
International Paper IPInternational Paper said its special meeting to approve the Share Issuance is set for October 11, 2024, and that lawsuits alleging the proxy statement omitted information were filed in the Supreme Court of the State of New York on September 19, 2024 and September 20, 2024, totaling 2 cases.
Key points
AI summaryInternational Paper said its special meeting to approve the Share Issuance is set for October 11, 2024, and that lawsuits alleging the proxy statement omitted information were filed in the Supreme Court of the State of New York on September 19, 2024 and September 20, 2024, totaling 2 cases.
The company said it believes the claims in the lawsuits and Demand Letters are without merit and that no additional disclosure is required, but it decided to voluntarily supplement the proxy statement without admitting liability or wrongdoing to reduce the risk of delays to the Acquisition closing and to minimize litigation costs.
The company said BofA Securities applied an adjusted EBITDA multiple range of 6.5x to 8.5x for DS Smith's 2024 adjusted EBITDA and derived a per-share equity value range, reflecting net debt of about £2,089 million as of December 31, 2023 and about 1,400.261 million fully diluted DS Smith shares.
The company said BofA Securities applied an adjusted EBITDA multiple range of 7.5x to 9.5x to International Paper's 2024 adjusted EBITDA, reflecting net debt of about $4,449 million as of December 31, 2023 and about 354.259 million fully diluted shares.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Special Meeting Scheduled and Lawsuits Filed Over DS Smith Deal
International Paper said its special meeting to approve the Share Issuance is set for October 11, 2024, and that lawsuits alleging the proxy statement omitted information were filed in the Supreme Court of the State of New York on September 19, 2024 and September 20, 2024, totaling 2 cases.
Source · Based on the filing body and exhibits
Company Position and Voluntary Supplement to Proxy Statement
The company said it believes the claims in the lawsuits and Demand Letters are without merit and that no additional disclosure is required, but it decided to voluntarily supplement the proxy statement without admitting liability or wrongdoing to reduce the risk of delays to the Acquisition closing and to minimize litigation costs.
Source · Based on the filing body and exhibits
Supplemental Disclosure on BofA's DS Smith Selected Companies Analysis
The company said BofA Securities applied an adjusted EBITDA multiple range of 6.5x to 8.5x for DS Smith's 2024 adjusted EBITDA and derived a per-share equity value range, reflecting net debt of about £2,089 million as of December 31, 2023 and about 1,400.261 million fully diluted DS Smith shares.
Source · Based on the filing body and exhibits
Supplemental Disclosure on BofA's International Paper Selected Companies Analysis
The company said BofA Securities applied an adjusted EBITDA multiple range of 7.5x to 9.5x to International Paper's 2024 adjusted EBITDA, reflecting net debt of about $4,449 million as of December 31, 2023 and about 354.259 million fully diluted shares.
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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