Family set to scoop 350m in deal

MADISON Dearborn Partners (MDP) offered only 1.97 per Jefferson Smurfit share when it first approached the paper and packaging company.

MDP made its first approach late last year and held preliminary discussions with the company about a possible offer between November 2001 and February this year.

It was during this period that it indicated an offer of 1.97 per share, excluding spinning-off Smurfit Stone Container Corporation. MDP at that stage had not considered asking the Smurfit management to become part of the bid, the offer document which sent to shareholders claims.