August 9, 2002Smurfit Takes MDP Bid

CHICAGO, IL -- Jefferson Smurfit shareholders voted to accept the $3.7 million (US) Madison Dearborn takeover bid earlier this week. According to the co., approximately 83 percent of shareholders voted in favor of the Madison Dearborn buyout.

The takeover, subject to 80 percent shareholder approval, remains conditional until Smurfit-Stone (the packaging giant's US subsidiary) gains legal clearance, though the clearance is considered by many to be a technicality; co. reports the offer has been extended until August 20, 2002.

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