"The Navigator Company has completed the acquisition of all the shares representing the share capital of Accrol Group Holdings", the paper company announced today, in a statement.

In early May, Navigator had announced its intention to increase the price it was offering per share in the Public Acquisition Offer (PAO) for Accrol from 0.38 pounds to 0.39 pounds (approximately 44 to 45 cents).

According to the same note, the result of the offer was announced today, after the Accrol general meeting.

The acquisition is expected to be formalised on 24 May.

The offer in question was approved with 99.12% of the votes in the court hearing.

In turn, the resolution approving the PAO at the company's general meeting was passed with 99.17% of the votes present.

In this way, the purchase of the company's entire capital was made possible.

According to a statement sent to the Portuguese Securities Market Commission (CMVM), the offer valued Accrol's equity at approximately £130.8 million (approximately €152 million).

As of 31 October 2023, the company's financial debt amounted to £25.5 million (approximately €29.6 million).

Navigator's increased offer represents a premium of approximately 14.7% compared to 0.34 pounds, "i.e. the closing price of Accrol's share on 21 March 2024, the last trading day immediately prior to the announcement of the offer".

It also represents a premium of 32.1% compared to the average Accrol share trading price "weighted by volume in the six-month period up to the last trading day" before the offer, and 26.4% "compared to the average Accrol share trading price weighted by volume in the 12-month period" prior to the PAO.

Accrol is a converting group and supplier of toilet paper, kitchen rolls, facial tissues and wet wipes for retail chains, having closed the fiscal year ended 30 April 2023 with revenues of £242 million (€282.8 million), an adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) of £15.6 million (€18.2 million) and a net debt of £26.8 million (€31.3 million).

"Navigator expects this acquisition to result in a consolidated turnover of approximately £500 million [€584.4 million], with the UK market expected to contribute approximately 50% of the group's total tissue turnover", it said in the note released in May.

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