10TONY

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE - SMURFIT, SMURFIT KAPPA, €2.94M

Tony Smurfit is very much in the spot­light these days on the back of a takeover ap­proach from ri­val In­ter­na­tional Pa­per (IP).

The Amer­i­cans have come in with a big of­fer on the ta­ble and Smurfit and his col­leagues will re­ally have to de­liver the goods in or­der to jus­tify their re­luc­tant at­ti­tude.

Two in­dica­tive pro­pos­als have been re­jected by the Smurfit board — it re­mains to be seen whether there will be a third.

A strong earn­ings up­date for the first quar­ter will help Smurfit make the case that his com­pany is bet­ter off as a stand­alone.

But the ra­tio­nale for a com­bi­na­tion — with Smurfit strong in Europe and IP strong in the US — seems pretty com­pelling on the face of it.

Smurfit’s fig­ure here is based on his pack­age as bro­ken out by the com­pany, plus LTIP ben­e­fits that vested in the early part of 2017.

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