Reuters has reported that nonwovens giant Polymer Group, Inc. (PGI) has gained stronger support from Fiberweb‘s Board of Directors in PGI’s bid to acquire Fiberweb. Fiberweb is a major international manufacturer of geotextiles, tree shelters, construction products and more. PGI initially made an offer in August 2013; today’s announced acquisition bid comes after the initial bid (97.5 pence per share) was increased (to 103.2 pence per share). The total sale, pending shareholder approval, is estimated to be worth £183 million (USD $291 million).
As of 9:30 am EDT, neither company had issued an official statement, though Fiberweb has published details of the offer and the Fiberweb Board’s recommendation here.
Polymer Group Inc. (PGI) is a leading global engineered materials company, focused primarily on the the production of nonwovens for the hygiene, wipes, medical, and industrial markets.
Fiberweb is a nonwovens manufacturer involved in filtration, civil engineering, medical products, railways, aerospace, buildings and agriculture. The company’s thermally-bonded nonwoven Typar line, with more than 40 years of project innovation behind it, is one of the oldest and most successful international geotextile brands.
Balckstone have indeed made an offer. But it is far too low for some shareholders to accept. It is not a done deal yet.
This article has beeen noted. Please report more carefully & resposnibly. The offer is recommended. Reuters quote “it had agreed to buy rival Fiberweb for 183 million pounds” but the shareholders wil decide according to UK comapny law.
JR – True. The shareholders must approve. Noted in the brief…but the original title was potentially misleading. I’ll amend that. Thanks.