Rexam to sell healthcare unit, return proceeds to shareholders

LONDON Mon Feb 3, 2014 2:20am EST

LONDON Feb 3 (Reuters) - Packaging maker Rexam said it had received a binding offer of $805 million in cash for its healthcare business from a private equity firm and planned to use the proceeds of the sale to return cash to shareholders.

Rexam said on Monday that the sale of the division to Montagu Private Equity was part of its plan to maximise shareholder value and it planned to return 450 million pounds ($740 million) to shareholders from the sale.