The Boards of International Paper Company and DS Smith Plc have announced that they have reached agreement on the terms of a recommended all-share combination of DS Smith with International Paper, to be implemented by way of a Scheme of Arrangement, subject to a Sanction Hearing to be held on 30th January 2025.
The terms of the scheme are as follows: –
For each DS Smith share held    –   0.1285 International Paper shares
Please note that International Paper is listed on the New York Stock Exchange. Any income received from a U.S. company is subject to a withholding tax of 30%. In order to qualify for the US-UK treaty tax rate of 15% withholding tax, shareholders are required to complete an Investor Self Declaration (ISD), which can be found on our website at www.pilling.co.uk/investor-self-declaration-form/
Alternatively, shareholders can complete a W8 form, which can be provided on request. Shareholders who have already completed an ISD or W8 Form will automatically receive the reduced tax rate on U.S. income.
Subject to the Scheme becoming effective the new shares will be credited to client accounts on or around 4th February 2025. The last day of dealings in DS Smith shares will be 31st January 2025. We will remove the DS Smith shares from client accounts once the new shares have been credited.
If you require any further information, you may contact us either by letter, telephone or email as detailed below quoting ‘DS Smith’ in the subject box.
Corporate Action Administration
Direct Line – 0161-819-4850 | Email: caisa@pilling.co.uk