They seek him here, they seek him there

CURRENT ACCOUNT: Missing: Dr Michael Smurfit.

Description: Distinguished, well-preserved multimillionaire chairman and chief executive of the Jefferson Smurfit Group.

Last seen by shareholders: at the company's annual general meeting on April 27th.

Can anyone with knowledge of the whereabouts of Dr Michael Smurfit please contact the shareholders. They are anxious to talk to their chairman who they last heard from in the first quarter results statement on May 5th.

The shareholders will shortly receive a document from Madison Dearborn Partners outlining a bid valued at €3.26 per share. It has been recommended by the company's independent directors and advocated by Mr Gary McGann, the chief operations officer.

Under the deal Dr Smurfit has agreed to sell his 7 per cent stake in the company for €159 million in cash and €82 million in shares in Smurfit Stone Container Corporation, the group's US associate. He is the biggest non-institutional beneficiary of the deal.

Dr Smurfit will retain his job - but perhaps not his salary of €5 million plus perks. He will also acquire a similar stake in the re-organised company once it is privatised. For this he will pay roughly €50 million, or one-third of what he raised from selling in the first place The new owners have also undertaken to hold onto the K-Club which will host the 2006 Ryder cup and beside which Dr Smurfit is building a €6.3 million, 20,000 sq ft mansion.

Shareholders can see the attractions of the deal for their chairman, but would be grateful for any information leading to an explanation from Dr Smurfit on why this represents a good deal for them.