Proactive Investors - Navigator Paper UK Limited is taking Accrol Group Holdings PLC (LON:ACRL) off the London Stock Exchange through a £127.5 million takeover.
The offer values each Accrol share at 38p, reflecting an 11.8% premium over yesterday’s closing price, and significant premiums over six-month and twelve-month volume weighted averages.
António Redondo, chief executive of Navigator, said: "The prospective acquisition of Accrol, a renowned tissue manufacturer based in the UK, marks a pivotal moment for Navigator as we expand our commercial footprint to the UK tissue market.
“The proposed acquisition is perfectly aligned with our long-term growth strategy for the tissue business and underscores our unwavering commitment to driving innovation, sustainable growth, and operational excellence at Navigator.
Gareth Jenkins, chief executive Officer of Accrol added: "Accrol has undergone a period of significant transformation and growth over the last four years, investing in fully automating its tissue converting operations to enhance manufacturing capabilities.
“Combining with the Navigator Group brings together a highly complementary product offering. It will enable Accrol to benefit from the capabilities, scale, network, and resources of Navigator, building on the strategic progress we have made to date."
Stocks to open lower
The FTSE 100 will open a few points lower at 7,882 when markets open this morning after closing at a six-month high yesterday.
London's blue-chip index closed 145 points higher at 7,882 after both the UK and US central banks provided dovish statements in their interest rate calls, indicating that three rate cuts could take place this year, with the first in summer.
On the macroeconomic calendar this morning, retail sales decreased 0.4% year on year in February, a slightly better result compared to the expected 0.7% decline.
JD Wetherspoon PLC (LON:JDW) will shortly have its interim results out, alongside annual earnings from Phoenix Group.