Shareholders in Jefferson Smurfit who have already accepted the Madison Dearborn offer for the company can expect to receive payment for their shares by September 17th.

The Chicago-based private equity firm said yesterday that its takeover offer for Smurfit was scheduled to be declared unconditional on September 3rd.

The payout to accepting shareholders should then be dispatched within the next fortnight and no later than September 17th.

Following approval by the High Court, Smurfit can now proceed with the spin-off of its 29 per cent shareholding in US associate, Smurfit-Stone Container Corporation (SSCC).

This will take place on September 3rd, leaving Smurfit shareholders with one SSCC share for every 16 Smurfit shares held.

Regulatory approval from all the necessary authorities has also been received, bar Mexico and Colombia, but Madison Dearborn has agreed to waive this condition.

Shareholders who have not yet accepted the offer have been given a further window of opportunity to do so. The offer will now remain open for acceptance until September 3rd and it is expected it will be extended for a further 20 business days after that.

Shareholders accepting the offer during this period will be paid within 14 days of receipt of their acceptance. After this period, Madison Dearborn will compulsorily acquire any shares in respect of which acceptances have not been received.

Smurfit will also apply to have its listings on the Irish, London and New York Stock Exchanges cancelled within 20 business days.

The company, once the largest on the Irish Stock Exchange, will then revert to private ownership.