WestRock Company announced that its stockholders have voted to approve the combination with Smurfit Kappa Group plc at a special meeting.
Under the deal terms, Smurfit WestRock will acquire Smurfit Kappa through a scheme of arrangement. WestRock will become a wholly-owned subsidiary, with its stockholders receiving one new Smurfit WestRock share and $5.00 cash per WestRock share owned.
The transaction, valued at $43.51 per WestRock share, will create a global leader in sustainable packaging solutions. Existing Smurfit Kappa and WestRock shareholders will own approximately 50.4% and 49.6% of the combined company, respectively.
The boards of both packaging companies unanimously approved the strategic combination, citing enhanced scale, reach, product diversity and significant synergies.
The merger remains subject to regulatory approvals and is expected to close in Q2 2024, after being announced in September 2023.
WestRock is a leading sustainable paper and packaging provider with over 50,000 employees globally.
