DS Smith receives takeover approach from Mondi, shares surge

(Sharecast News) - Packaging company DS Smith surged on Thursday after confirming it has received "a highly preliminary expression of interest" from rival Mondi. "The board of DS Smith understands that Mondi is considering a possible offer for DS Smith although no proposal has been received at this stage," it said in a brief statement.

DS Smith said there can be no certainty as to whether any proposal will be made or the terms of any such proposal and that a further announcement will be made if and when appropriate.

At 1035 GMT, DS Smith shares were 11.7% higher at 314.10p.

Under takeover rules, Mondi now has until 1700 GMT on 7 March to either announce a firm intention to make an offer or walk away.