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Bemis Co. Announces Intent to Acquire Remaining Shares of South American Subsidiary
May 14, 2010
1 Min Read
Bemis Company, Inc. has announced that its wholly owned Brazilian subsidiary intends to submit a tender offer for all outstanding publicly owned shares of Dixie Toga S.A. Shares of Dixie Toga S.A. are traded on the São Paulo Stock Exchange. Additionally, an agreement has been reached with certain institutional non-voting preferred shareholders who have agreed to participate in the tender offer.
The total cost of the shares to be acquired in the tender offer, assuming all outstanding shares are tendered, is expected to range between $50 million and $55 million, based upon recent currency exchange rates. The tender offer is subject to Brazilian regulatory procedures and there is no assurance that the tender offer will be completed successfully. If successful, management expects these transactions to be completed during the third quarter of 2010. These transactions are not expected to impact management's earnings guidance for 2010.
Bemis Co. is a major supplier of flexible packaging and pressure sensitive materials used by leading food, consumer products, healthcare, and other companies worldwide. Founded in 1858, the Company is included in the S&P 500 index of stocks and reported pro forma 2009 net sales, giving effect to the Food Americas acquisition, of $4.8 billion. The company's flexible packaging business has a strong technical base in polymer chemistry, film extrusion, coating and laminating, printing, and converting. Headquartered in Neenah, WI, Bemis employs more than 20,000 individuals in 84 manufacturing facilities in 13 countries worldwide. For more information, visit www.bemis.com.
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