Rock-Tenn

:

Smurfit-Stone Container

Dealogic Deal #  :

726855

Data as of :

1/24/2011

Target

Acquiror

Dates & Values

Smurfit-Stone Container

Rock-Tenn

Target:

100

% stake

Buying:

100

% stake

Rumored

-

Deal Value $m

4,233.7

NS

SSCC

101

m shares outstanding

Public (Listed)

Announced

23rd Jan 2011

Value ex Debt $m

3,533.7

United States

United States

Forestry & Paper

Forestry & Paper

Expected

2Q 2011

Consideration

Lazard | Advisor

Wells Fargo Securities | Advisor

Completed

-

Wachtell Lipton | Attorney

King & Spalding | Attorney

Withdrawn

-

Termination Fee, Target $m

tbd

Termination Fee, Acquiror $m

tbd

Financials

30th Sep 2010

Balance Sheet

Debt/Equity:

1.7

Timeline Events

Premiums & Multiples

Initial Offer

$35.00

Current Offer

$35.00

Income Statement

Cash Flows

Operations $m

377

Profitability

Profit Margin

3%

Return on Equity

57%

League Table Impact

Sector Trend

2010 YTD Announced Global M&A by Deal Value, $bn

Monthly Announced Global M&A, $bn:

Forestry & Paper

1

JPMorgan

71.5

2

Barclays Capital

57.7

3

Lazard

54.7

4

Goldman Sachs

49.9

5

Credit Suisse

43.3

6

BOA Merrill Lynch

37.9

7

UBS

36.0

8

Citi

25.8

9

RBS

20.0

10

UniCredit

18.9

23

Wells Fargo

4.5

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