IP targets $514M pre-tax synergies from DS Smith deal; April 23 deadline set

INTERNATIONAL PAPER CO /NEW/

At least $514M annual pre-tax cash synergies expected by end of 4th year post-completion.
Synergies: 92% cost (operational, overhead, procurement) + 3% revenue; one-time cost ~$370M.
Combination expected to be immediately EPS accretive; ROIC to exceed WACC by year 3.
IP proposes European HQ in London, secondary LSE listing; North American ops to continue.
Firm offer deadline: 5:00 p.m. BST on April 23, 2024, per U.K. Takeover Code.

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