25th Jul 2018 08:49
LONDON (Alliance News) - Packaging firm DS Smith PLC said Wednesday it had received almost 97% valid acceptances for its GBP1.03 billion discounted rights issue to fund its GBP1.45 billion Europac acquisition.
In late June, DS Smith proposed a 3 for 11 rights issue of 293.1 million shares at 350 pence per share. Shares in DS Smith were 0.6% higher at 503.80 pence on Wednesday.
If all rights were taken up, DS Smith would have raised GBP1.03 billion. The funds were to be used as part of its GBP1.45 billion acquisition of European packaging business Papeles y Cartones de Europa SA, also known as Europac.
On Wednesday, DS Smith announced it had received acceptances for 282.9 million or 96.5% of the shares.
Being an underwritten rights issue, the outstanding 10.2 million shares not taken up by investors will either be acquired by other subscribers or by the joint underwriters Goldman Sachs International, JP Morgan Cazenove and Citigroup Global Markets.
Related Shares:
Smith (DS)