Under the terms, Jefferson Smurfit shareholders receive €2.15 a share, and for every 16 shares they receive one share in Smurfit Stone Corporation, the US paper company in which Jefferson Smurfit has a 29.3 per cent interest. Deutsche Bank, adviser to Madison Dearborn, said the offer had received 83.19 per cent acceptance by the first closing date on Wednesday - overcoming the 80 per cent hurdle for shareholders' approval under Irish rules. It still has to secure backing from the various competition bodies and the share spin-off and the related capital reduction has to be approved by the High Court in Ireland.