Latest News
Polymer Group closes Fiberweb takeover
Monday 18 November 2013

18 November 2013 - US non-woven materials maker Polymer Group Inc (PGI) has finalised the acquisition of UK industrial and construction materials supplier Fiberweb Plc (LON:FWEB) for GBP1.03 (USD1.66/EUR1.23) per share in cash, it said.

The purchase price, which included an interim dividend of GBP0.01 per share, values the target at GBP182.5m.

Polymer Group initially offered to buy the British firm on 20 August PGI for GBP0.98 per share in cash plus a dividend of GBP0.01 per share.

The acquisition is expected to strengthen PGI's presence in the industrial non-wovens sector and bolster its geographic footprint in the US and Europe. According to Malcolm Coster, as part of alarger and more global entity, the company will be able to continue its development.

Fiberweb was advised on the deal by Lazard Ltd (NYSE:LAZ), KPMG LLP, Peel Hunt LLP and Numis. PGI was advised by BGIP, Barclays PLC (LON:BARC) and Citigroup Inc (NYSE:C).
Details
Date Published: 18/11/2013
Target: Fiberweb Plc
Country: UK
Deal Size: 293.9m (USD)
Sector: Construction/Real estate
Type: P2P
Financing: Debt
Status: Closed
Buyer: Polymer Group Inc
Buyer Advisor: BGIP, Barclays PLC , Citigroup Inc

Options