Polymer says agrees 183 mln stg Fiberweb deal

LONDON, Sept 17 Tue Sep 17, 2013 12:23pm EDT

LONDON, Sept 17 (Reuters) - Polymer Group (PGI), a producer of engineered materials owned by private equity group Blackstone , said on Tuesday it had agreed to buy rival Fiberweb for 183 million pounds ($291 million) after it upped its initial offer.

Blackstone said in a statement that Fiberweb shareholders would be entitled to receive 103.2 pence per share, which includes the right to the Fiberweb interim dividend of 1.2 pence per share.

Fiberweb had said in August that it received a takeover offer worth 97.5 pence per share plus the interim dividend. Fiberweb shares closed on Tuesday at 96 pence.