One of packaging group, Smurfit Kappa’s biggest shareholders has cashed in the last of its investment for over €70 million.
The news came as the Dublin-listed group announced yesterday that it was increasing the value of a bond offer announced earlier this week from €300 million to €400 million.
Private equity player, Cinven, which has held a stake in the group since it was formed through a merger of rivals Smurfit and Kappa in 2005, sold its remaining 7.38 million shares this week.
A statement released to the markets yesterday confirmed that Cinven SK Feeder GP Ltd, sold its entire stake in the group on Tuesday.
Most of the private equity backers who invested or were on board in 2005, have been reducing their stakes. The shares closed at €10 on Tuesday, putting a value of €73.8 million on the holding at that stage, however, they traded at over €10 in the course of the day.
Smurfit yesterday said that it was increasing a bond offer announced on Tuesday to €400 million from €300 million to meet strong demand from the market.
