DS Smith shows G4S how to do it The G4S debacle last autumn showed how even a decent deal on paper can be undone by poor relations with shareholders. It showed the cost to management of not being close to investors and relying instead on brokers. DS Smith shareholders were briefed for a week on the deal, not the two days that G4S allowed. Investors showed a willingness to be made insiders, and unable to trade, in order to listen to management direct. The presence of a credible chairman, in the form of Gareth Davis, will have helped. DS Smith was lucky in having a willing seller happy to avoid an auction, thus negotiating itself a decent price over six months of due diligence. Its £62m of cost savings look conservative too, helping add to the satisfaction of shareholders.