Madison Dearborn's takeover bid for the Jefferson Smurfit group has dropped five per cent due to the weakening dollar.
The bid has been further eroded by a fall in Smurfit Stone Container Corporation's (SSCC) share price.
Last Monday, when the deal was announced, the bid was worth €3.26 per Smurfit share, valuing the company at €3.7 billion. Calculated at today’s prices the bid is worth somewhere in the region of €3.10 euro per share.
Smurfit shareholders are hopeful Madison Dearborn's bid may be outstripped by the Texas Pacific Group, or packaging group Mondi who may yet make a higher offer for the firm.
