M&A · Industrials · Paperboard Containers & Boxes
Smurfit Kappa Group plc to acquire WestRock Co
Announced Sep 12, 2023 · Closed Jul 8, 2024
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock
Transaction
- Acquirer
- Smurfit Kappa Group plc
- Target
- WestRock Co
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Jul 8, 2024
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Citigroup
Advisors
- To the acquirer
- Not disclosed
- To the target
- Lazard, Evercore
- Evercore fee
- $60.0M
Sector context · Industrials
- Comparable deals
- 72 in the prior 24 months
- Premium
- Sector median 47.1%
- EV / Adj. EBITDA
- Sector median 11.0x
- Break fee
- Sector median 2.8%
Timeline
- AnnouncedSep 12, 2023
- Proxy filedApr 26, 2024
- Definitive proxyApr 26, 2024
- Shareholder voteJun 13, 2024
- ClosedJul 8, 2024
Valuation · fairness opinions
Trading comparablesLazard$37.04$52.25
Discounted cash flowLazard$42.05$57.88
Trading comparablesLazard$28.99$43.00
Discounted cash flowLazard$33.16$45.28
52-week trading rangeLazard$26.88$41.41
Discounted cash flowEvercore$43.04$64.59
Discounted cash flowEvercore$36.42$59.95
Discounted cash flowEvercore$38.82$52.25
Discounted cash flowEvercore$37.64$53.44
Trading comparablesEvercore$33.86$58.01
Implied value per WestRock Co share by analysis, from Lazard and Evercore · DCF discount rate 8%–9%.