STOCKHOLM, Sweden, March 19, 2002 (PRIMEZONE) -- Smurfit Holdings AB ("Smurfit"), a wholly owned subsidiary of Jefferson Smurfit Group plc, launched a public offer to the shareholders and holders of convertible loan notes in Munksjo AB (publ) ("Munksjo") on February 18, 2002 whereby Smurfit offered SEK 77 for each share in Munksjo and offered the holders of convertible loan notes in Munksjo 100 per cent of the nominal value plus accrued interest (the "Offer").
On March 1, 2002, The Board of Directors of Munksjo AB (publ) ("The Board") announced its recommendation to shareholders not to accept the Offer, since the Board believed that the Offer did not fully reflect the value of Munksjo's business and future potential.
On March 15, 2002, Smurfit announced its decision to increase the Offer to the shareholders in Munksjo to SEK 85 per share (the "Revised Offer"). The Board believes that the Revised Offer does not fully reflect the value of Munksjo's business and future potential, but wishes to point out the following to shareholders:
* Smurfit controls at least 56.4 per cent of the shares in Munksjo. According to a statement issued on 18 March, 2002, Smurfit controls 56.4 per cent of the shares and votes in Munksjo on a fully diluted basis, which means that Munksjo has become a subsidiary of Smurfit. Smurfit's majority ownership is likely to further decrease the liquidity of the Munksjo share. * Revised Offer is not conditional on the level of acceptance. Smurfit has stated that the Revised Offer is not conditional upon any level of acceptance being reached, which means that it will acquire all shares tendered, irrespective of the number of acceptances. * Revised Offer is stated by Smurfit as its final offer. In the statement issued by Smurfit on March 15, 2002, Smurfit stated that no further increases will be made to the Revised Offer. * No other offers for Munksjo are currently available. The only offer currently available for the company as a whole is the Revised Offer of SEK 85 in cash proposed by Smurfit.
The Board(a) believes that the Revised Offer does not fully reflect the value of Munksjo's business and future potential, but taking into consideration the above, the Board, which has so been advised by Lazard, recommends Munksjo's shareholders to consider accepting the Revised Offer.
This statement is, in all essential respects, a translation of the Swedish statement. In the event of any difference between this translation and the Swedish original, the Swedish statement shall govern.
(a) Board members Anthony P J Smurfit and Francois Vittoz are due to conflicts of interest not parties to this statement.
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