Texas Pacific mulls Smurfit counter bid

The latest twist in the on-going sale of Irish packaging company Jefferson Smurfit is that private equity firm Texas Pacific has confirmed that it is considering a counter bid for the group - according to a report in the Independent.

Currently the subject of a €3.7 offer from Madison Dearborn Partners, the offer has been posted out to shareholders and is currently awaiting an outcome.

Sources close to the company said Texas had secured enough information to consider whether it could trump Madison's bid, which has the backing of Smurfit's board but is conditional on being accepted by 80 per cent of its shareholders.

The initial closing date for the Madison offer is 6 August. Smurfit shares have remained relatively flat on the London Stock Exchange, despite all the activity and speculation. They are currently hovering at around the £2-mark.