MARKET REPORT: Smurfit's announcement that it was recommending a bid from US private equity house Madison Dearborn Partners was the big news among Irish stocks yesterday. Shares in the paper-based packaging company were up nine cents to €3.16 with 22 million shares changing hands on the back of the long-awaited announcement. The company said the offer of €2.15 per share, plus one share in its affiliate Smurfit-Stone Container Corp for every 16 Smurfit shares held, represented a 38 per cent premium to the ma
Elsewhere, the Irish market did not really participate in the rally that was taking place in international markets, with European shares, in particular, recovering their composure after last week's hammering.
With the ISEQ closing up just 8.83 points - 0.18 per cent - at 4,969.46, most of the leading stocks were largely unchanged.
Bank of Ireland traded in a range between €12.80 and €13 for most of the day, before closing the day one cent stronger at €12.96. Trading in AIB was slightly stronger, with the stock making its way up to €14 in good volumes before returning to €13.90, unchanged on the day. Anglo Irish Bank, which earlier in the day announced that head of group lending, Mr William Barrett, would retire from the bank and board on July 5th, continued to slide and finished the day 12 cents weaker at €6.55.
Among the larger stocks, CRH closed 15 cents down at €17.88, while Ryanair was 29 cents stronger at €6.71.
