10:47 AM EDT, 05/07/2024 (MT Newswires) -- (Updates with stock movement and additional information.)

Suzano (SUZ) shares were down 7% in recent Tuesday trading after reportedly approaching International Paper ( IP ) for a possible all-cash acquisition valued at nearly $15 billion.

The Brazilian pulp and paper company has verbally presented a $42-per-share offer to International Paper's ( IP ) board of directors and may formalize the bid in the coming days, Reuters reported Tuesday, citing people familiar with the matter.

Suzano's reported offer was made less than a month after International Paper ( IP ) agreed to acquire DS Smith for $7.2 billion, Reuters said.

Suzano is discussing debt financing to back its bid and has informed International Paper ( IP ) that its offer would hinge on International Paper ( IP ) terminating its agreement with DS Smith, according to the report.

International Paper ( IP ) is likely to reject Suzano's offer as insufficient, one of the sources told Reuters.

Suzano and International Paper ( IP ) did not immediately respond to MT Newswires' requests for comment.

Shares of International Paper ( IP ) were about 4% higher in recent Tuesday trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 38.39, Change: +1.47, Percent Change: +3.98