International Paper confirmed on Tuesday that it will not make an offer for Irish packaging company Smurfit Kappa, because of lack of engagement from Smurfit's management.
"IP believes the revised proposal was highly attractive and formed a sound basis for engagement, which the company viewed as essential to determining the full value potential of the combination," the paper-packaging firm said in a statement.
International Paper has decided to end its pursuit after courting Smurfit for more than three months, according to people familiar with the matter.
Under Ireland's rules, Memphis-based International Paper will be barred from making a fresh attempt to buy Smurfit for 12 months once it has dropped its current approach.