Mondi plc (LSE:MNDI) made an expression of interest to acquire DS Smith Plc (LSE:SMDS) on February 8, 2024. Mondi reached an agreement in principle on offer to acquire DS Smith for £5.1 billion on March 7, 2024. As a result of the Combination, Mondi shareholders would own 54%. and DS Smith shareholders would own 46% of the issued and to be issued share capital of Mondi. Three Non-Executive Directors of DS Smith are expected to join the enlarged Mondi Group Board. Mondi was required on March 7, 2024, to announce a firm intention to make an offer for DS Smith. Proceeding with the Combination is conditional on, inter alia, reaching agreement on the other terms and conditions of any offer, including as to regulatory matters and the completion of mutual confirmatory due diligence to the satisfaction of Mondi and DS Smith. As of March 7, 2024, The PUSU deadline was extended to April 4, 2024. As of March 26, 2024, International Paper Company has made an all-equity proposal to acquire the entire issued share capital of DS Smith for £4.15 per share.

Aisling Zarraga, Matthew Hearn, Bradley Richardson, Cara Hegarty, Ben Dulieu, Benedict James, Rhian Parker and Sam Lintonbon of Linklaters LLP is acting as legal adviser, John Deans, Neil Thwaites, Nathalie Ferretti of N.M. Rothschild & Sons Limited and Anna Richardson Brown and Jonathan Rowley of UBS Group AG as Financial advisors to Mondi. David Watkins, Paul Dickson, Anna Lyle-Smythe, Tina Zhuo, Phil Linnard, Azadeh Nassiri, Daniel Schaffer and Mike Lane of Slaughter and May is acting as legal adviser, Andrew Seaton, Alex de Souza, and Christopher Wren of Citigroup Global Markets Limited, Anthony Gutman, Nick Harper, and Warren Stables of Goldman Sachs International and Charlie Jacobs, Richard Walsh, and Jonty Edwards of J.P. Morgan Securities plc as financial advisors to DS Smith.

Mondi plc (LSE:MNDI) cancelled the acquisition of DS Smith Plc (LSE:SMDS) on April 19, 2024.