Shorewood Packaging Corp. accepted a $600 million acquisition offer from International Paper Co. The announcement follows an attempt by Chesapeake Corp. to acquire the company through a hostile takeover.
Shorewood makes packaging for a wide range of consumer products.
Richmond, Va.-based Chesapeake launched the $500 million hostile offer for Shorewood in December after the target, which originally had sought to buy Chesapeake, rejected the overture.
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