STOCKHOLM (From news reports) -- A consortium including Bain Capital said on Thursday, Sept. 24 it was offering to buy specialty paper maker Ahlstrom-Munksjo Oyj in a deal valuing the Finnish firm at around 2.1 billion euros ($2.45 billion).
The consortium, Spa Holdings 3 Oy, said it was offering 18.10 euros in cash per share, representing a premium of around 24% to Wednesday's closing price of 14.56 euros.
The bidder said it had received irrevocable undertakings to support the offer from shareholders representing over 35% of the shares, while the board of Ahlstrom-Munksjo is also recommending shareholders accept the offer.
The consortium said it intends to invest "significant time, resources and capital" to support Ahlstrom-Munksjo's strategy for long-term profitable growth.
"The completion of the tender offer is not expected to have any immediate material effects on the operations, or the position of the management or employees, of Ahlstrom-Munksjo," it said in a statement, adding it would change the composition of the board.