By Lisa Kerner
Charlotte, N.C., March 14 - Gibraltar Packaging Group, Inc. entered into a definitive agreement and plan of reorganization, merger and dissolution with Rosmar Packaging Group, Inc., it was announced on Friday.
The agreement calls for Gibraltar stockholders to receive $4.25 cash per share.
Gibraltar expects the transaction to close during the second quarter, subject to shareholder approval and financing, a company news release stated.
The newly formed corporation will become a wholly owned subsidiary of Rosmar.
Duff & Phelps advised Gibraltar's board of directors and provided a fairness opinion.
Gibraltar designs and manufactures specialty packaging products. The company is based in Hastings, Neb.
Rosmar, a Montreal-based Novacap II, LP portfolio company, operates packaging and printing facilities in Canada and the United States.
| Acquirer: | Rosmar Packaging Group, Inc.
|
| Target: | Gibraltar Packaging Group, Inc.
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| Announcement date: | March 13
|
| Price per share: | $4.25
|
| Expected closing: | Second quarter of 2008
|
| Stock price of target: | Pink Sheets: PACK: $1.35 on March 13
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