Munksjoe Board Rejects Smurfit Offer

The board of directors of Munksjo AB has rejected an offer by Smurfit Holding AB to acquire the company. According to Munksjo, the company felt the offer didn’t fully reflect the value of its business and future potential.

The company also stated that the offer did not take into account the company’s fourth quarter earnings, which were higher than forecast.

Smurfit launched a bid for the company in late January. It already owns one third of the company. It stated that by acquiring the remaining portion of Munksjoe it would be able to boost the Swedish unit’s prospects and solidify its position in the European packaging industry.