Might Smurfit Kappa be regretting its decision to spurn the takeover advances of International Paper two years ago? Its American suitor has tabled several offer proposals for the paper and packaging group, the last in March 2018 valuing it at €39.71 a share based on a bid composed of a mixture of cash and shares. Smurfit Kappa’s stock, listed in Britain and Ireland, hadn’t reached those heights before, briefly touching €36.64 in April the same year.
It would be deeply unfair to chastise the company for turning down the proposals (which it did on the ground of wanting to remain independent) now that a pandemic has sharply cut the value of its stock. At the same time, the relative weakness of Smurfit Kappa’s stock —
