Accrol Group Holdings PLC on Friday said it had accepted an increased takeover offer from suitor, Navigator Co SA.
Accrol Group is a Blackburn, England-based private-label toilet roll manufacturer. Its prospective buyer, Navigator Paper UK Ltd, is a subsidiary of Navigator Co, a large Portuguese integrated pulp, paper, tissue, packaging and biomass energy company.
Under the terms of the revised bid, Accrol shareholders will receive 39 pence cash for every share held.
Shares in Accrol rose 1.1% to 38.60 pence each in London on Friday.
The increased offer values Accrol’s share capital at around £130.8 million and implies an enterprise value of around £188.2 million.
In its initial bid Navigator had offered 38 pence per share.
Chief Executive Gareth Jenkins said: ‘The Accrol Board believes that the increased and final offer and being part of a vertically integrated group invested into pulp and tissue manufacturing capacity represents significant value for shareholders against a back drop of increasing pulp and tissue prices and a very different and challenging future environment.’
Shareholders representing around 34% of Accrol’s share capital have agreed to support the offer.
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