International Paper sparks potential bidding war for DS Smith
 
            Business
International Paper has ignited the possibility of a bidding war for UK paper packaging company DS Smith by extending a takeover offer that propelled the shares of the FTSE-100 target to a two-year high.
DS Smith confirmed discussions with International Paper regarding an all-stock offer from the U.S.-based company, valuing it at £5.72 billion.
This development comes shortly after DS Smith reached a tentative agreement with UK-listed competitor Mondi, who proposed an all-share takeover valuing DS Smith at £5.14 billion.
Under International Paper's proposal, DS Smith shareholders would receive 0.1285 shares in International Paper for each DS Smith share they own, resulting in ownership of 33.8% in the combined entity. This contrasts with Mondi's offer, which would grant DS Smith shareholders control of 46% of the enlarged group.

International Paper has until April 23 to solidify its offer.
Further updates will follow as appropriate.
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