British Vita succumbs to equity group TPG’s fourth offer

By Liz White, ERJ staff
London-Texas Pacific Group has finally succeeded in its bid to buy UK-based polyurethane foam, plastics and fibres group British Vita plc.

Following several weeks since mid-January during which Vita continued to rebuff the US-based private equity group’s approaches, a 22 March announcement said the Vita board had recommended that shareholders accept TPG’s fourth offer, which values the group at £668 million ($1268 million).

Vita shareholders will get £3.60 cash for each share (ex the final 6.25 pence dividend for 2004, which…

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