Graphic Packaging to acquire Colorpak
Graphic Packaging has agreed to acquire all the issued shares of Colorpak Limited, a move Graphic Packaging Chairman David Scheible described as “a logical progression from our long-term strategic partnership”.
Colorpak has entered into a Scheme Implementation Deed with Graphic Packaging under which Graphic Packaging proposes to acquire 100% of Colorpak shares. Colorpak directors unanimously recommend shareholders vote in favour of the Scheme subject to no superior proposal emerging and the Independent Expert (BDO) concluding that the Scheme is in the best interests of Colorpak’s shareholders.
Colorpak’s founding Commins family, which together hold 32% of total issued shares, have indicated they will vote in favour of the Scheme, which is expected to be implemented in April 2016.
Alex Commins and Sid Troiani will remain in their roles as CEO and CFO respectively and assume responsibility for Graphic Packaging International’s growth ambitions in Australia and New Zealand.
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