International Paper Lands DS Smith as Mondi Walks Away.

Mondi Plc has decided not to engage in a bidding war for DS Smith Plc, allowing US bidder International Paper Co. to secure a deal. International Paper had agreed to acquire DS Smith in a £5.8 billion all-stock deal, and investors were waiting to see if Mondi would counter with an offer. Mondi's decision led to a 12% drop in DS Smith shares and a 10% rise in Mondi shares. The paper and packaging sector has seen increased demand during the pandemic, but has since experienced a slowdown as e-commerce returns to normal levels. International Paper plans to make DS Smith's London headquarters its European base and seek a secondary listing in the UK. [Extracted from the article]