Spicers in proposed $148m deal

Company News

by Rachael Jones

Paper distributor Spicers (ASX:SRS) has entered into a scheme of arrangement with Japan's Kokusai Pulp and Paper to be taken over for around $148 million.

The proposed deal also includes the separate sale of Spicers Asian businesses to KKP.

The all-cash offer for Spicers’ Australian and New Zealand operations values the business at 7 cents a share.

Spicers' Directors unanimously recommend shareholders vote in favour of the proposed transaction.

Shares in Spicers (ASX:SRS) closed 1.85 per cent lower at $0.05 yesterday.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.