Private equity company CapMan (Helsinki / Finland; www.capman.com) is intending to submit a bid for injection and blow moulding group Polimoon (Oslo / Norway; www.polimoon.com). CapMan reports that shareholders, who together account for 60% of all the equity, are prepared to sell their shares at NOK 27.50 (EUR 3.34) per share. At this price, the plastics processor (now with sales of more than EUR 500m following several acquisitions) would be valued at some EUR 128m. Shareholders who have, reportedly, expressed their intention to sell to the private equity company include CEO Arne Vraalsen and CFO Adrian Platt. CapMan intends to acquire at least 90% of all the shares and withdraw Polimoon from the Oslo stock exchange, where it has only been listed since 2005. The existing operating strategy is to be continued.

Chairman of the Polimoon Supervisory Board, Omund Revhaug, explained that talks had commenced in order to prepare for a due diligence review. At the same time, independent experts are to be consulted on the value of the offer.

Simultaneously, Polimoon announced the acquisition of the remaining thin-wall packaging business of rival Rexam (London / UK; www.rexam.com). The Norwegians are paying a sum just short of EUR 11m, which includes the takeover of debts. This division, which comprises two facilities in Stilling / Denmark and Lidköping / Sweden, with a total of 360 employees, reported sales equivalent to EUR 60m and an EBIT that was just in the black in its last financial year One of the two facilities is not operating very profitably, says Polimoon, which is why its efficiency will need to be boosted and investments made.