July 9, 2018 / 10:33 AM / 5 months ago

PAI lifts offer for Belgian diaper maker Ontex, starts due diligence

LONDON, July 9 (Reuters) - PAI Partners has raised its proposed takeover offer for Ontex and gained access to the diaper maker’s books, the private equity firm said on Monday, after its previous offer was rejected as too low.

PAI said its new offer was 27.5 euros per share. That would value Ontex’s total outstanding shares at 2.2 billion euros ($2.6 billion). The value of the initial offer was not disclosed.

Ontex declined to comment.

PAI said the revised offer was made on the basis of publicly available information and was conditional on its examination of Ontex’s books.

PAI’s revised bid represents a nearly 42 percent premium to the Ontex closing price of 19.41 euros on July 5, the day before the initial bid became public.

The shares, which have not traded since last week, have fallen nearly 30 percent this year, as Ontex grapples with trouble in Brazil, rising input costs and increased competition.

$1 = 0.8501 euros Reporting by Martinne Geller; Editing by Mark Potter

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