Vanguard Group's Latest Disclosure Under the Takeover Code

The Vanguard Group, Inc. has published a disclosure form as required by Rule 8.3 of the Takeover Code, detailing their positions in Smith (DS) plc as of May 13, 2024. The report reveals that The Vanguard Group owns a total of 61,912,292 ordinary shares of Smith (DS) plc, representing 4.49% of the company's shares. These details came to light within the context of an ongoing offer, involving Smith (DS) plc and International Paper Company, as noted in the disclosure document.

Vanguard's trading activity around these holdings included purchasing 23,168 shares and selling 17,125 shares, with both transactions executing at a price of 3.67 GBP per share. Furthermore, the disclosure indicated that there are no open stock-settled derivative positions or rights to subscribe for new securities. Vanguard also clarified that it has no indemnity arrangements, agreements, or understandings related to the securities of Smith (DS) plc or International Paper Company that would be an inducement to deal or refrain from dealing.