New York and Toronto-listed Intertape Polymer Group has rejected a $500 million (€370 million) takeover bid from Littlejohn & Co. The Montreal-based company, which had been supporting the Littlejohn bid announced in May, has postponed the shareholder vote for 48 hours in order to consider a dissident proxy circular, according to The Toronto Star.
The circular, which was headed by Eric Baker of Altacap Investors, stated that the takeover was “was not in the best interests of Intertape shareholders and involves significant risks.”
Connecticut-based Littlejohn had offered $4.76 a share, in a deal worth $500 million.
Founded in 1981, Intertape Polymer manufactures plastic and paper packaging products and has operations in 19 locations with about 3,000 employees.
Littlejohn has nearly $1.4 billion under management and is currently investing its third fund, which originally closed in May 2005 on $650 million, and which was increased in March to $850 million.
It recently bought Van Houtte, a gourmet coffee roasting company, for C$600 million ($542 million, €400 million). The firm was founded in 1996 by Angus Littlejohn after his split from Joseph Littlejohn & Levy (now JLL Partners), the New York-based firm he co-founded in 1988.