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PAI lifts offer for Ontex, starts due diligence

Ontex offer
Acquisition   PAI said its new offer was 27.5 euros per share

PAI Partners has raised its proposed takeover offer for Ontex and gained access to the diaper maker’s books, the private equity firm said on Monday, after its previous offer was rejected as too low.

PAI said its new offer was 27.5 euros per share. That would value Ontex’s total outstanding shares at 2.2 billion euros ($2.6 billion). The value of the initial offer was not disclosed.

PAI said the revised offer was made on the basis of publicly available information and was conditional on its examination of Ontex’s books.

PAI’s revised bid represents a nearly 42 percent premium to the Ontex closing price of 19.41 euros on July 5, the day before the initial bid became public.


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