SWITZERLAND - SIG rejects CVC take-private approach

Craig
26 September 2006

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Listed Swiss packaging firm SIC has rejected an unsolicited takeover offer from CVC Capital Partners and FERD, the Norwegian parent of packaging group Elopak. The consortium had offered SFr 325-350 per share, however the firm's board of director deemed SIG to be worth considerably more. The offer valued the company between SFr 2.11bn and SFr 2.28bn and included certain conditions, including the granting of exlusivity and prior due diligence.

SIG disclosed that it has considered strategic partnerships with a number of companies and financial investors, and had also approached FERD/Elopak concerning a possible acquisition of the Norwegian packaging group. Other interested parties will now be given the opportunity to undertake due diligence on a possible acquisition of SIG. This is not the first time that CVC has attempted to take a Swiss company private. In 2004 the financial investor attempted to buy Forbo, a flooring and adhesives company with net sales of SFr 747m. The deal was blocked by shareholders unwilling to sell their stakes.