DS Smith extends Mondi offer deadline by two weeks

(Sharecast News) - DS Smith, the packaging group at the centre of a a bidding war between UK-listed Mondi and US firm International Paper, has extended the so-called 'put up or shut up' deadline for the former to make a firm offer.

DS Smith and Mondi had reached an in-principle agreement on the key financial terms of a possible takeover on 7 March, valuing DS Smith at £5.14bn.

Then on 26 March, DS Smith announced that it had received a £5.72bn offer from International Paper, and was said to be "progressing its discussions" regarding a deal. International Paper has until 23 April to make a firm offer.

Mondi had until the close of play on Thursday to announce a firm intention to make an offer, but this deadline has now been extended to 23 April.

DS Smith said it was continuing discussions with both suitors but that there was no certainty that a firm offer would be made by either party.