One51 bid won't derail restructure
Plastics group One51 intends to press ahead with a proposed corporate reorganisation despite a recent takeover offer for the company from CapVest, a private equity firm led by Irish financier Seamus FitzPatrick.
One51, led by chief executive Alan Walsh, unveiled the restructure to shareholders last month as part of a strategy to streamline the business ahead of a planned initial public offering in Dublin and Toronto.
Under the reorganisation two Canadian stakeholders would gain a combined 41.74pc stake in the plastics group. Quebec-based Caisse de Dépôt et Placement du Québec (CDPQ), which already controls a direct holding in One51, and Fonds de Solidarité, together control 33pc of the group's Canadian subsidiary, IPL.
The restructure proposed to convert the holding in IPL into a direct equity stake in One51.
A rebranding to IPL Plastics was also in the works.
Last week's €2.50 a share bid from CapVest's changed the game plan. Yet while One51 may ultimately fall into private equity ownership, shareholder sources said the company will pursue a restructure ahead of either a private sale or an IPO.