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SWM completes Scapa takeover

UNITED KINGDOM (From news reports) -- The takeover offer of Greater Manchester-headquartered Scapa - which values the healthcare and industrial group at more than £410m - has completed.

Scapa Group is listed on AIM and is the parent company of Scapa Adhesives and Scapa Healthcare.

The Ashton-under-Lyne-headquartered outfit has manufacturing and sales operations across North America, Europe and Asia.

An offer from Schweitzer-Mauduit International (SWM) at 210 pence in cash per Scapa share was revealed in January, valuing it at £402.9m.

This was the revised to 215 pence per share, meaning the total value would be about £412.6m. This was to be implemented by way of a Court-sanctioned scheme of arrangement.

The Scapa directors, who had been advised by Jefferies as to the financial terms of the revised offer, considered the terms to be "fair and reasonable".

Now, the High Court of Justice in England and Wales has sanctioned the scheme, meaning it has become effective.

The entire issued and to be issued share capital of Scapa is now owned by SWM Bidco, a wholly-owned subsidiary of SWM.

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