The Chicago-based private equity firm made the announcement after the closure of the first acceptance date on 6 August. The offer has now been extended to shareholders until 20 August.
But Jefferson Smurfit has reported a fall in pre-tax profits and operating profit the second quarter of 2002, despite a rise in sales.
Pre-tax profits before exceptional items fell 13% to 54m and oper-ating profits were down 17% to 84.5m. But third-party sales rose 10% to 808m.
Net sales in Europe were up 19% to 575m although operating profits fell 6% to 42m.
The group said the results in Europe reflected a 33% decline in the packaging sector due to lower than average paper prices and rising waste fibre costs.
Smurfit expects further increases in waste fibre prices, and said a weakening of the US dollar would hurt demand in Europe and Latin America.
Story by Andy Scott
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