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Kokusai Pulp and Paper bids to acquire Spicers Limited
Japananese Kokusai Pulp and Paper (KPP) is expected to take over Spicers Limited’s businesses in Australia and New Zealand for AUD90m, according to Euwid. The two companies have already entered into a binding implementation agreement under which KPP will acquire all of the shares in Spicers pursuant to a scheme of arrangement.
The transaction is expected to be completed in July 2019, subject to approval from Spicers’ shareholders and other closing conditions.
KPP is considered to be one of the largest paper trading companies in Japan, with a reported volume of 2.2 million tpy of pulp, paper, packaging and other products. The company is also playing a significant role in the recovered paper market in Japan, collecting and selling 1.4 million tpy of RCP.
According to Spicers, the deal with KPP is part of a bigger, proposed scheme of arrangement that will deliver significant value to Spicers shareholders. They will reportedly receive an estimated AUD147.6m or 7.0 cents per share, on a fully diluted basis, in cash.