SWITZERLAND – Swiss investment management firm JBF Finance has unveiled the public tender offer for all publicly held shares of Swiss packaging equipment supplier Bobst Group.
The firm has offered to buy the shares for Sfr78 ($80.91) for each of Bobst’s shares in cash, already owning approximately 53% of the company’s shares and voting rights.
The current offer represents a premium of 22% compared to the average price of the last four weeks. The offer is not subject to substantial conditions.
Following completion of the offer, JBF expects to be able to take Bobst Group private through a delisting of its shares from SIX Swiss Exchange to allow the company to focus on long-term and sustainable growth.
In a statement, Bobst said: “The board of directors of Bobst Group, represented by the Committee of Independent Directors, has reviewed the offer, is convinced of the business rationale of the transaction and welcomes the possibility for shareholders to tender their shares at a premium in these uncertain times.
“This offer will give the company the appropriate conditions to deploy a long-term strategy, to execute its digital transformation, and to maintain its strong Swiss industrial activities.”
Founded in 1890, Bobst is a supplier of substrate processing, printing and converting equipment and services for the label, flexible packaging, folding carton and corrugated industries.
The company is present in more than 50 countries, runs 19 production facilities in 11 countries and employs more than 5,800 people around the world.
Upon completion of the deal, Bobst will continue to be managed by independent board members and family board members.
Last month, the company announced a strategic partnership with Evertis and BASF to recycle polyethylene terephthalate (PET) based multilayer laminates.
The companies will work to support the closed-loop recycling of the laminates, which are used for thermoformed food trays, for recycling company Sulayr.
This process is based on a multilayer film produced by Evertis, which includes PET and polyethylene (PE) layers laminated on a Bobst coating system using BASF Epotal water-based adhesive.
They aim to help Sulayr comply with the European Green Deal, under which all packaging produced in the European Union will need to be reusable or recyclable by 2030.
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