Mets-Serla has launched a mandatory offer to acquire the remaining shares in Zanders Feinpapiere.


It bought 72% of the shares from International Paper earlier this year in a 149m deal (PrintWeek, 5 January).


Under the terms of the offer, the price will be 51 (E80) per share for the ordinary shares and 48 for preference shares, making the offer about 80% above the price Mets-Serla paid to IP for the controlling stake in the company.


Through its German subsidiary Mets-Serla holds about 88% of all shares in Zanders, amounting to 93.7% of the ordinary shares and 80.7% of the preference shares.


Mets-Serla is also to proceed with an equity offering, through which it will offer 35m new Series B shares to strengthen the companys growth, business development and finances.


"We believe that an equity offering will provide a potential for Mets-Serla to broaden its investor base and strengthen the balance sheet," said chief financial officer Veli-Matti Mynttinen.


The board of directors decided to proceed with the offering after the balance structure was weakened as a result of the acquisition of MoDo Paper for 1.42bn last year.


The final subscription price and the number of Series B shares must be approved by a majority of shareholders at a general meeting, and the final decision on the offering will be part of the agenda for the AGM on 2 April.


Story by Andy Scott