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.