The enterprise value-based offer comes as a result of DS Smith chief executive Miles Roberts’ strategy to divest the group’s non-core business and focus on becoming a leading supplier of recycled packaging for consumer goods.

DS Smith has committed to a period of exclusivity with Unipapel, during which DS Smith will inform and consult with Spicers’ works councils. If the company breaches the agreement or does not accept the binding offer within the exclusivity period, it will have to pay break fees of up to £11.2m to Unipapel.

Cash raised by the sale of Spicers would be used to reduce DS Smith’s debt.

Spicers, which operates in the UK, Ireland, France and the Benelux region, and which has developing businesses in Germany, Spain and Italy, made an operating profit of £24m on revenues of £715m in the year to 30 April.

Roberts said that the proposed sale of Spicers is a ‘key strategic step’ in the streamlining of the DS Smith Group.

"Following the proposed transaction, our aim is to continue to focus on and build our european packaging business." He added.

DS Smith said that if the sale was agreed the group would adjust its return on sales target from 6%-8% to 7%-9%. Its other targets, which include return on average capital employed of 12%-15% and net debt to be under two times EBITDA earnings, would be maintained.