Slaughter and May is advising DS Smith Plc (“DS Smith”) on the possible all share offer by Mondi for DS Smith, pursuant to which Mondi would acquire the entire issued and to be issued share capital of DS Smith, creating a pan-European industry leader in paper-based sustainable packaging solutions (the “Combination”). As a result of the Combination, Mondi shareholders would own 54 per cent. and DS Smith shareholders would own 46 per cent. of the issued and to be issued share capital of Mondi.
Based on Mondi's closing share price of 1,381 pence per share on 7 February 2024 (being the day prior to the commencement of the offer period), the terms of the Combination would represent an implied value of 373 pence per DS Smith share and a premium of 33 per cent. to DS Smith's closing share price of 281 pence per share on 7 February 2024 (being the day prior to the commencement of the offer period)
DS Smith is a leading provider of sustainable paper-based packaging worldwide which is supported by recycling and papermaking operations. It plays a central role in the value chain across sectors including e-commerce, fast moving consumer goods and industrials. DS Smith operates in 34 countries employing around 30,000 people and is a strategic partner of the Ellen MacArthur Foundation.