International Paper Announces Shareholder Approval for Proposed Acquisition of DS Smith

"The overwhelming approval from both DS Smith and IP shareholders confirms the strong support of this combination." – Andy Silvernail, Chairman and CEO of International Paper.

Oct. 11, 2024 - International Paper (NYSE: IP) is pleased to announce today that it received the necessary shareholder approval for its pending acquisition of DS Smith (LSE: DSS), (the "Combination").

Earlier this week, DS Smith also received the necessary shareholder approval for the Combination.

"The overwhelming approval from both DS Smith and IP shareholders confirms the strong support of this combination," said Andy Silvernail, Chairman and CEO of International Paper. "Bringing the two companies together will create a true global leader of sustainable packaging solutions which will drive significant value for our employees, customers and shareholders."

International Paper will report the final vote results of the special shareholder meeting in a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the "SEC"). International Paper and DS Smith continue to expect the Combination to close late in the fourth quarter of 2024, subject to regulatory clearance and other customary closing conditions.

International Paper (NYSE: IP) is a global producer of sustainable packaging, pulp and other fiber-based products, and one of the world's largest recyclers. Headquartered in Memphis, Tennessee, IP serves customers worldwide, with manufacturing operations in North America, Europe Latin America and North Africa. Net sales for 2023 were $18.9 billion.

SOURCE: International Paper