IP - Why International Paper Stock Is Falling Today
2024-06-27 13:17:11 ET
A potential Brazilian acquirer is walking away from its bid for International Paper (NYSE: IP) after the target rebuffed its overtures.
Investors hoping for a big premium are disappointed, sending IP shares down 8% as of 1 p.m. ET.
International Paper is already part of a wave of consolidation sweeping the paper and packaging industry, with a deal in place to buy British rival DS Smith . But in early May, IP switched from hunter to hunted when news broke that Suzano of Brazil was weighing an offer for the U.S.-based company.
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Why International Paper Stock Is Falling Today