03:11 PM EDT, 03/26/2024 (MT Newswires) -- International Paper ( IP ) plans to make a counter offer to buy UK-based DS Smith, according to media reports Tuesday.

DS Smith confirmed to Bloomberg and Reuters that it was in talks with International Paper ( IP ) which reportedly plans to make an all-share offer of 5.72 billion British pounds ($7.22 billion).

DS Smith had previously agreed to merge with competitor Mondi in a deal valued at 5.1 billion pounds.

Sky News first reported the story Tuesday.

Neither of the companies immediately responded to requests for comment by MT Newswires.

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