BMO Capital Downgrades International Paper (IP) to Market Perform
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Go back to BMO Capital Downgrades International Paper (IP) to Market Perform
March 7, 2018 4:44 AM EST
Wells Fargo downgraded International Paper (NYSE: IP) from Outperform to Market Perform with a price target of $60.00 (from $75.00).
Analyst Chris Manuel steps to the sideline citing an overhang on the stock related to the potential combination with Smurfit Kappa.
For an analyst... More
March 6, 2018 1:54 PM EST
Further to the announcement by Smurfit Kappa Group plc ("Smurfit Kappa"), International Paper Company (NYSE: IP) confirms that it has submitted a proposal to acquire the entire issued and to be issued share capital of Smurfit Kappa (the "Proposal"). Under the terms of the Proposal, Smurfit Kappa shareholders would be entitled to receive 22.00 in cash and 0.3028 new International Paper shares of common stock for each Smurfit Kappa ordinary share held by them.
Based on International Paper's closing share price of $58.94 as at 5 March 2018 and a :$ exchange rate of 1:$1.2343, the Proposal values each Smurfit Kappa ordinary... More
