International Paper Shares Dip 15% In Pre-Market After Suzano Drops Acquisition Pursuit
Portfolio Pulse from Benzinga Neuro
International Paper's shares dropped 15% in pre-market trading after Suzano abandoned its acquisition pursuit. Suzano's decision followed International Paper's rejection of its advances, as the latter focuses on its own merger plans with DS Smith. Suzano's U.S.-listed shares jumped 11.94% in pre-market trading.
June 27, 2024 | 10:03 am
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NEGATIVE IMPACT
International Paper's shares fell 15% in pre-market trading after Suzano abandoned its acquisition pursuit. The drop follows International Paper's decision to reject Suzano's advances and focus on its own merger plans with DS Smith.
The significant drop in International Paper's shares is directly linked to the news of Suzano abandoning its acquisition pursuit. Investors reacted negatively to the rejection and the focus on a different merger plan.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Suzano's U.S.-listed shares jumped 11.94% in pre-market trading after the company announced it would abandon its acquisition pursuit of International Paper. The decision was due to International Paper's rejection and focus on another merger.
Suzano's shares saw a positive reaction in pre-market trading as investors likely viewed the abandonment of the acquisition pursuit as a financially prudent decision, avoiding additional debt and potential downgrade of investment grade.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100