DAVY VIEW

Yesterday (Monday October 7th), an EGM of DS Smith shareholders approved its recommended offer by US packaging group International Paper (IP). Subject to European regulatory clearance, we expect the IP take-over to complete in late December 2024 or early January 2025. With DS Smith shares trading at a c.2% discount to the IP all-share offer and little risk of an interloper bid for either company, we expect DS Smith shares to track IP until offer completion.