Fiberweb receives takeover proposal from Polymer

LONDON Tue Aug 20, 2013 2:26am EDT

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LONDON Aug 20 (Reuters) - Fiberweb, a manufacturer of industrial and construction metals, said it has received a takeover proposal from Polymer Group Inc, which has been given until Sept. 17 to formalise a bid or walk away.

Fiberweb said on Tuesday Polymer's proposal is for 97.5 pence a share in cash plus the interim dividend of 1.2 pence a share, announced Aug. 2 and payable on Nov. 1.

The firm said it would be its intention to recommend an offer from Polymer were it to be made at that price.

Fiberweb said it agreed to provide Polymer with access to further due diligence information to facilitate the making of a formal offer on Aug. 5.

Shares in Fiberweb closed Monday at 86.25 pence, valuing the business at 150 million pounds ($235 million).

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