Dermot Smurfit's Powerflute set to be bought in $354m deal
Papwerboard firm Powerflute recommended cash offer from private equity firm Madison Dearborn Partners for $354m, it said on Thursday.
Powerflute, founded by Dermot Smurfit from the family behind Ireland's packaging group Smurfit Kappa, last year had sales of €357m and core earnings before interest, taxes, depreciation and amortization of €55m.
Smurfit and other biggest owners are backing the offer.
The 90p per share offer had a premium of around 22pc to the stock's closing price on Wednesday. Shares in Powerflute, listed in London's AIM market for small companies, were up 20.4 percent at 88.61 pence by 0829.