Finnish paper company
( UPM) said Friday it would not continue in the bidding against
for the assets of
, ending a month-long trans-Atlantic drama.
UPM said last month it would pay $5.5 billion in a stock and cash friendly offer for
. International Paper jumped in with an unsolicited bid of $6.2 billion in cash and stock on April 25 for Champion, then topped its own offer Wednesday with the prevailing all-cash bid of $7.24 billion, or $75 for each share of Champion stock.
Stamford, Conn.-based Champion gave UPM until the end of Friday to respond to International Paper's latest bid. The Finnish company used every last minute in consideration by releasing its decision no earlier than 5:00 p.m. EST.
None of the companies were immediately available for comment.