SUZ - International Paper Shares Dip 15% In Pre-Market After Suzano Drops Acquisition Pursuit | Benzinga
Suzano SA (NYSE:SUZ) has decided to abandon its pursuit to acquire International Paper Co. (NYSE:IP), one of North America’s largest recyclers and a global producer of packaging, pulp and other fiber-based products. This news triggered a nearly 15% drop in International Paper’s shares during pre-market trading on Thursday.
Suzano’s decision was prompted by International Paper’s rejection of its advances, Bloomberg reported on Thursday. Instead, International Paper has chosen to focus on its own merger plans with a different competitor.
At the time of writing, International Paper’s shares were trading at $39.67, a significant drop from Wednesday’s close of $46.61, according to ...