DS Smith’s US Bidder Sees Takeover Value Fall Below Mondi Offer

International Paper Co.’s all-stock offer to buy DS Smith Plc has taken a hit in value after the recent selloff in the US-based suitor’s shares, and is now worth less than an earlier proposal by rival bidder Mondi Plc.

The offer by International Paper valued DS Smith’s shares at about 361 pence as of 7:35 a.m. Thursday in London, according to Bloomberg’s calculations based on the latest stock price and exchange rate.

That compares with the 415 pence cited in the announcement on April 16, which valued the deal at £5.8 billion ($7.2 billion) based on the share ...