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Nonwoven fabrics supplier Avgol buys Fiberweb
23
Jan '08
Fiberweb announces that it is in discussions with Avgol about an approach by Avgol regarding a possible offer for Fiberweb.

The proposed offer price is 100 pence per Fiberweb share in cash plus the right to receive and retain a further dividend to be declared by the Board of Fiberweb (in its absolute discretion) for the year ended 31 December 2007 of 2.5 pence per Fiberweb share.

Avgol is an international non-wovens producer listed on the Tel Aviv Stock Exchange. Avgol's proposal is subject to a number of pre-conditions, including due diligence and financing, which must be satisfied before any offer can be made. The Directors of Fiberweb therefore wish to highlight that discussions are at a preliminary stage.

On the basis of this proposal, the Board of Fiberweb has agreed to grant Avgol access to company information to allow it to conduct due diligence. In addition, Fiberweb has entered into a Non-solicitation and Inducement Fee Agreement with Avgol in connection with the possible offer for Fiberweb. Further details of the agreement are set out below.

Based on the information available to it, the Board of Fiberweb, which has been advised by JPMorgan Cazenove, has confirmed that it would be prepared to recommend an offer by Avgol at this level if such an offer were to be made. The price of 100 pence per share represents a premium of 163 per cent to the average Fiberweb closing share price over the month to 21 January 2008 of 38.0 pence.

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