Jefferson Smurfit to talk to rival bidder

Jefferson Smurfit is to hold talks with a new potential bidder.

The company says it has received an approach from an "unaffiliated financial party."

It could rival the bid made this week by American private equity firm Madison Dearborn, which valued the company at £2.39bn (€3.7bn).

In a statement, the company says the Independent Committee is currently talking with an interested party and a meeting between the two parties is expected as soon as it can be arranged.

It adds the approach is preliminary and there could be no certainty as to the outcome of the talks.

Although Jefferson Smurfit refuses to identify the counter-bidder, speculators believe it is Texas Pacific.