The takeover of paper and personal care products Asaleo Care by its second biggest shareholder has been given the greenlight by the Foreign Investment Review Board and New Zealand’s Overseas Investment Office.
Sweden’s Essity will now move its $788 million takeover to a formal basis by making an offer to shareholders once several remaining approvals are given, especially a shareholders meeting on June 1 (next Tuesday).
Essity’s takeover was revealed in February at $1.45 a share.
Asaleo makes and distributes a range of personal care and hygiene products such as toilet paper, tampons, pads and sanitisers under brands that include Libra, Handee Ultra, Purex, and Sorbent.
The Asaleo board has unanimously backed the offer.
Asaleo Care shares were last trading at $1.405 on the ASX. Punters understand there is little chance of a another bid happening.
