WestRock Co.’s stock
WRK,
was up 8.2% as a leading gainer in premarket trading Tuesday as the packaging company confirmed plans to merge with Smurfit Kappa Group
SK3,
to form Smurfit WestRock. WestRock shareholders will receive $43.51 a share for each share through a combination of $5 per share in cash and one new share of Smurfit WestRock. The deal values WestRock at about $11 billion. Smurfit Kappa shareholders will own 50.4% of the combined company, while WestRock stockholders are expected to own about 49.6% of Smurfit WestRock. The companies had confirmed merger talks last week.
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