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Eversheds advises API Group plc on takeover

  • United Kingdom

    23-04-2015

    Law firm Eversheds has advised API Group plc (“API”) on its £46 million takeover by Cedar 2015 Limited (an indirect subsidiary of US based Steel Partners Holdings L.P. “Steel Partners”).

    API is a leading manufacturer and distributor of foils, films and laminates used to enhance the visual appeal of products and packaging and to help communicate brand values and authenticity.

    Head-quartered in Poynton, North West England, API has a trading history of over 90 years including more than 40 years as an independent, publicly quoted company.

    Steel Partners is a global diversified holding company that engages in multiple businesses, including diversified industrial products, energy, defence supply chain management and logistics, banking, food products and services, oilfield services, sports, training, education and the entertainment and lifestyle industries. Steel Partners is listed on the New York Stock Exchange (Ticker: SPLP).

    The Eversheds’ team was led by corporate partner Alistair Cree, with support from Nicola Brookes (senior associate, corporate), Helen Yeung (associate, corporate), Danny Blum (partner, share schemes) and Richard Sharman (associate, share schemes).

    Alistair commented:

    “There are comparatively few “hostile” public company acquisitions and so the bid for API has been a fascinating transaction to work on. Whilst ultimately the bid by Steel was recommended by the independent board of API, Eversheds’ ability to advise (alongside API’s other advisors) on the strategy and tactics behind the bid is testament to the strength of the firm’s public company offering.”

    Andrew Turner, Group Chief Executive, said:

    “Alistair and the Eversheds team provided first rate service on the bid and we look forward to continuing our close working relationship in the future.”

    Disclaimer

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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