Smurfit Kappa Group plc (ISE:SK3) made an offer to acquire the remaining 30.06% stake in Cartón de Colombia S.A. (BVC:CARTON) for approximately COP 320 billion on March 14, 2019. Smurfit Kappa will pay COP 9,850 per share and will acquire 32.37 million remaining shares. Certain minority shareholders holding 15.54% stake in Cartón de Colombia S.A. agreed to tender their shares once the offer is launched.

As of June 6, 2019, being the closing date for receipt of acceptances in respect of the tender offer, Smurfit Kappa has received valid acceptances in respect of 29,945,394 Cartón shares representing approximately 92.5% of the Cartón shares which were the subject of the tender offer. The consideration payable under the tender offer amounts to COP 298.1 billion (€81 million) and is being funded from the Group's existing resources. Smurfit Kappa held 69.94% of the shares in Cartón prior to the Tender Offer and will now hold 97.7% post completion of the tender offer.

The transaction is subject to customary completion conditions and adjustments and regulatory approval. As of April 12, 2019, the transaction is approved by Superintendency of Industry and Commerce (SIC). The transaction is expected to be completed this week.

Mariana Posse of Posse Herrera Ruiz acted as legal advisor to Smurfit Kappa Group plc.