A spokeswoman said the independent directors were talking with the potential bidder with a view to agreeing a timescale for meetings.
The rival bid follows the Smurfit boards acceptance of the terms of the 2.1bn pre-conditional cash offer made by Chicago-based private equity firm Madison Dearborn (PrintWeek, 10 May).
Before the rival bid emerged, Madison Dearborn hoped to complete its deal by the end of August.
Other new names, including Anglo-American paper products subsidiary Mondi and Swedish-Finnish fores-try company Stora Enso, have also emerged as potential bidders for the Irish packaging group, but the spokeswoman said these were "pure speculation".
Stora Ensos executive vice-president communications and investor relations, Kari Vainio, said talk of a bid by Stora Enso was merely "industry rumours".
"We do not comment on speculation," he said.
Story by Andy Scott
Have your say in the Printweek Poll
Related stories
Latest comments
"I have worked in quite a few print sectors, including Walstead in the past. It is all tough, but most will not be surprised that the packaging sector is still growing. However, the service in the..."
""longer run litho work had “now returned to the Far East”?
Is this happening a lot?"
"Thanks Jo, look forward to reading it in due course. Administrators generally argue that they need to act with lightning speed in order to protect the business/jobs, thereby overlooking the fact that..."
Up next...
Revenue up to £3.2m, profits quadupled
Footprint picks up pace of acquisition strategy with Swindon’s C3
Controversy emerges over relationship with potential suitor
National World shares soar on takeover approach
24/7 access for customers
Bakergoodchild launches new SaaS platform
Strategic move for global growth