International Paper Files Definitive Proxy Statement for DS Smith Acquisition

This move sets the stage for a special meeting of IP shareholders to vote on the issuance of new shares related to the acquisition.

Key points of the announcement include:

1. Shareholder Meeting: IP has scheduled a special meeting for October 11, 2024, where shareholders of record as of September 12, 2024, will be eligible to vote on the share issuance.
2. Board Recommendation: IP's board of directors unanimously recommends that shareholders vote in favor of the proposals outlined in the proxy statement.
3. DS Smith Developments: DS Smith has published its scheme document in the UK, setting October 7, 2024, as the date for its own shareholder meeting to approve the combination.
4. Strategic Vision: The acquisition is expected to create a global leader in sustainable packaging solutions, focusing on North American and European markets. It aims to improve profitability through increased vertical integration and enhance customer value through expanded offerings and innovation.
5. Regulatory Steps: IP has also published a Prospectus with the UK Financial Conduct Authority for the admission of its shares to trading on the London Stock Exchange upon completion of the deal.

The combination, structured as an acquisition of DS Smith by IP, will be implemented in accordance with UK Takeover Code and English law. This move represents a significant consolidation in the global packaging industry, with potential implications for sustainability efforts and market dynamics in the sector.

IP shareholders are encouraged to review the definitive proxy statement and cast their votes for this transformative transaction.

International Paper (NYSE: IP) is a global provider of renewable fiber-based packaging and pulp products, and one of the world's largest recyclers. Headquartered in Memphis, Tenn., we employ approximately 39,000 colleagues globally who are committed to creating what's next.