French luxury beauty packager Texen SAS plans to merge with Quadpack Industries SA in a take-private deal that values the Spanish rival at €140 million ($153 million), the companies announced on Monday.
PSB Industries, a private company and the owner of Texen, is offering €32 per share for Quadpack, which develops, manufactures, and markets packaging for the cosmetics industry. This offer values Quadpack, headquartered in Barcelona, at approximately €140 million.
Shares in Quadpack, which is listed on the Euronext Growth market in Paris, were trading at €16 midafternoon on Monday, a 21.21% leap from €13.20 at Friday’s close. PSB Industries said that Quadpack will quit the growth market if the deal is completed.
Packager Texen to merge with Quadpack Industries : Terms of the Deal
The terms of the deal stipulate that PSB Industries will buy all of Quadpack’s shares. This includes 77.66% of the stock held by its founders, which will be exchanged for newly issued shares in PSB Industries and cash. This arrangement will allow the founders to become shareholders in the enlarged company and “remain involved in the future development and growth of the new group,” the companies said.
