- June 20, 2002, PRESS RELEASE
CHICAGO, IL, USA & DUBLIN, IRELAND—Jefferson-Smurfit has agreed to accept the leveraged buyout bid from the Chicago-based private equity firm Madison Dearborn Partners LLC, sources disclosed earlier this week.
According to a Chicago Business online report, "On Monday, Smurfit agreed to a bid from…MDP, which valued the company at 3.7 billion euros ($3.56 billion US)." The report adds: "As part of the MDP deal, Smurfit senior management will take a 10 percent stake in the successor Smurfit entity, while sources told Reuters that Smurft chairman and chief executive Michael Smurfit would be its chairman." Shareholders are expected to vote on the MDP bid by late next month.
Smurfit also announces another bid approach from Texas Pacific about a month earlier, but no formal bid from the investment company has been released.