Blackstone owned PGI to acquire Fiberweb

18 Sep '13

2 min read

Further to Fiberweb’s announcement on 20 August 2013 regarding a possible offer, the Boards of PGI and Fiberweb are pleased to announce that they have reached agreement on the terms of a recommended cash offer by PGI for the entire issued and to be issued ordinary share capital of Fiberweb.

Fiberweb Shareholders will be entitled to receive total value of 103.2 pence per Fiberweb Share , which includes the right to receive and retain the Fiberweb Interim Dividend of 1.2 pence per Fiberweb Share.

The Acquisition, together with the Fiberweb Interim Dividend, values the entire issued and to be issued ordinary share capital of Fiberweb on a fully diluted basis at approximately £182.5 million, representing a premium of:

50% to the average Closing Price of 68.6 pence per Fiberweb Share over the period from 30 December 2011 (being the closing price on the day of completion of the disposal of Fiberweb's hygiene business) up to and including 19 August 2013 (being the last business day prior to Fiberweb's announcement that it had received a revised offer from PGI);

44% to the average Closing Price during July 2013 of 71.9 pence per Fiberweb Share; and 38% to the average Closing Price of 74.5 pence per Fiberweb Share over the 90 day period up to and including 19 August 2013 (being the last business day prior to Fiberweb’s announcement that it had received a revised offer from PGI).

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