Powerflute says Bidco secures 51.1% acceptances

Oyj Powerflute said Nordic Packaging and Container (Finland) Holdings Oy (Bidco) has received acceptances for 51.1% of it issued share capital.

Subject to receiving the necessary anti-trust clearances, Bidco intended to waive all other conditions to the Offer excluding the acceptance condition.

"Therefore, given anti-trust clearances are now anticipated to be received by 1 November 2016, Bidco is revising its First Closing Date to 1.00pm on 4 November 2016," Powerflute said in a statement.

On the Acceptance Condition being satisfied, and assuming all other conditions have been satisfied or waived at that time, the Offer will be declared unconditional in all respects.

Payment of consideration to Powerflute Shareholders, DI Holders and Optionholders who have validly accepted the Offer prior to the Offer being declared unconditional in all respects will be made within 14 days of the Offer having been declared unconditional in all respects.

Should the Acceptance Condition not be satisfied by 1.00pm on 4 November 2016 (and on any subsequently announced closing date(s)), Bidco irrevocably undertakes to keep the Offer open until 1.00pm on 25 November 2016 (being the date falling 60 calendar days after the publication of the Offer Document), and, if the Acceptance Condition is satisfied by 25 November 2016, for a further period of at least 14 days after 25 November 2016.

At 10:01am: (LON:POWR) Powerflute Oyj share price was -0.12p at 89.63p