SIG takeover decision looms

SIG is expected to announce its decision on the takeover bids submitted by Romanshorn and the Rank Group at the beginning of February.

According the Swiss Takeover Board, the SIG board of directors must publish their analysis of the offers by 9 February 2007.

Romanshorn—a joint subsidiary CVC Capital Partners and Norway’s FERD which owns Elopak—increased its bidding price to $320 per share (up from $260 per share) after SIG rejected its initial offer. A merger with SIG would result in the world’s second-largest beverage and food carton packaging company to rival Tetra Pak.

The Rank Group—owned by New Zealand’s Graeme Hart—has offered $296 per share. Hart, New Zeland’s billionaire, owns CHH, a cardboard and packaging maker in Australia and New Zealand. CHH recently acquired the beverage packaging unit from International Paper for $500 million.