Monday, plastic packaging company AEP Industries Inc. (AEPI) said that it has entered into a definitive agreement to acquire substantially all the assets of the plastic films segment of Atlantis Plastics Inc., in a cash transaction worth $87 million. The transaction, which was unanimously approved by the Boards of Directors of both companies, is expected to close during the fourth quarter of 2008.
New Jersey-based AEP Industries said the deal complements its existing businesses and added that the plastic films segment, which operates six manufacturing facilities throughout the United States, would be part of AEP's stretch and custom films divisions once the deal is through.
The plastic films segment at Atlanta-based Atlantis Plastics, operates through three divisions: stretch films, custom films and institutional products. Its products are used in a variety of fields, including storage, transportation, food packaging and other commercial and consumer applications.
The deal is subject to better offers that may be submitted by competing bidders as well as other customary closing conditions. An auction would be conducted if a higher or better offer is submitted. AEP Industries plans to finance the transaction through a combination of cash on hand and availability under its revolving credit facility.
The stock is currently trading up 0.80% at $17.54 on the Nasdaq.
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