The news came as the Smurfit board said it had agreed on the terms of Madisons 2.1bn (3.5bn) pre-conditional cash offer (PrintWeek, 10 May).
The cash offer by the Chicago-based private equity fund is 38% above Jefferson Smurfits share price on 1 May of 1.
The total offer amounts to 2.09 for each Jefferson Smurfit share, comprising 1.38 in cash and 71p for shares in Smurfit Stone Container, the groups 28%-owned paperboard and packaging firm.
The offer will allow the firms management, including chairman and chief executive Dr Michael Smurfit and European group chief executive Anthony Smurfit, to continue to run the firm.
They will also have the option to purchase up to 48m of the equity.
A spokesman for Texas Pacific Group, which is headed by Ryanair chairman David Bonderman, said the group "was not in a position to comment", but hoped to make an announcement in due course.
Story by Andy Scott
Have your say in the Printweek Poll
Related stories
Latest comments
"Wow, amazing achievement, congratulations Lance, you are without doubt the most awarded person in the industry. Fair play. That trophy cabinet must be busting at the seams ;)
Congratulations again."
"No Mr Bond, I expect you to di-rect mail"
"I'm sure this will go down well with print supply chain vendors. What terms is it that ADM are after - 180 days is it?"
Up next...
Merchandise key to growth, MD says
Visual Print and Design expands premises, adds merch showroom
Easy way to add new products
Snuggle offers new trade DTF service
25-year relationship with HP
Swype makes super swap with HP 7900 install
Includes 'next-level personalisation'