On 10 December 2015 the Finnish paper and packaging group Powerflute Oyj had received a preliminary proposal from Madison Dearborn Partners, LLC regarding a possible offer for the entire issued and to be issued share capital of the Company.
Following evaluation of the Proposal by the independent members of the Board of Directors of Powerflute and consultations with certain major shareholders of Powerflute, the Board of Powerflute has terminated discussions with Madison Dearborn.
According to Euwid, Madison Dearborn offered 90 pence (€1.24) for every Powerflute share held by shareholders other than Dermot F. Smurfit, who is Powerflute's Chairman, and Bacchantes Limited, the investment vehicle of Sir Michael Smurfit. For the shares of the latter, Madison Dearborn was willing to pay 79 pence (€1.09), plus a contingent value right of 6 pence.
