Navigator Paper UK has increased its tender offer made on 22 March 2024 for UK tissue converter Accrol Group Holdings plc from £0.38 to £0.39 per share.
The increased offer price represents a premium of approximately 14.7 per cent to the closing price of 34.0 pence per Accrol share on 21 March 2024 (the last business day prior to the commencement of the offer period). It values Accrol’s entire issued and to be issued share capital at approximately £130.8m and implies an enterprise value of approximately £188.2m.
Navigator considers the financial terms of the new offer to be fair and states that this offer is final and will not be increased unless another announcement of a possible offer by a third party is made or the takeover board otherwise gives its approval.
Accrol Group Holdings plc (LON:ACRL) is the UK’s leading independent tissue converter, producing toilet tissue, kitchen towel, facial tissue and biodegradable wet wipes. The UK soft tissue market is worth £1.6bn with private label products comprising circa 50%. Accrol is the leading supplier to the private label market, which is growing at over 8% year on year.
