UK-based packaging group DS Smith Plc has offered to buy Europac, valuing its Spanish rival at 1.9 billion euros as it looks to strengthen its business in western Europe in what would be its biggest ever acquisition.
"Europac's board of directors has confirmed that the acquisition is friendly and attractive," DS Smith said in a statement, adding that it had received undertakings to accept the offer from shareholders owning 58.97 percent of the company.
DS Smith said it planned to finance the deal by raising 1 billion pounds through the issue of new shares, plus a new debt facility of 740 million euros.
