Sappi announces terms of rights offer to acquire M-real’s coated graphic paper business
This press release is not for distribution in the United States, Australia, Canada or Japan.Sappi has finalised the terms of its proposed rights offer to facilitate the acquisition of the coated graphic paper business of M-real, as announced on 29 September 2008. This follows receipt of shareholder approval for the acquisition on 03 November 2008 and competition clearance from the European Commission on 31 October 2008.Sappi is seeking to raise approximately ZAR5,815 million (€450 million based on an exchange rate of ZAR12.925/€) through a fully underwritten renounceable rights offer of