International Paper stock sinks after Brazil’s Suzano walks away from bid

International Paper (NYSE:IP) plunged 14% in after hours trading after Brazilian pulp and paper company Suzano (SUZ) dropped its takeover pursuit.

Suzano (SUZ) was never able to draw International Paper(IP) into serious engagement and wasn’t willing to increase its offer, Suzano said in a statement late Wednesday.

Suzano “achieved what it understands to be the maximum price for the transaction to generate value for Suzano, without there being engagement of the other party,” the Brazilian company said in the statement, according to a Google translation of the statement in Portuguese.

International Paper (IP) rejected Suzano’s $42 a share, or $15 billion offer, last month. Suzano made its bid on the condition that IP dropped its $9.9 billion deal to acquire DS Smith (OTCPK:DITHF).

International Paper (IP) and DS Smith (OTCPK:DITHF) announced the expiration of the waiting period under the Hart-Scott-Rodino Act for their deal expired on Tuesday. The deal still needs European Commission approval and the sanctioning of the Scheme by the Court.