Anjan Mukherjee, a senior managing director of Blackstone, added, “Blackstone is excited to close on the acquisition of Polymer Group. We look forward to working with the management team to further enhance the company’s already strong global position and reputation and to extend its reach into new products and markets.”
Each holder of shares of PGI common stock will receive $15.32 in cash per share promptly following today’s closing, which is equal to $18.23 per share minus the previously-announced per share amount of $2.91 that will be held in an escrow to cover liabilities, costs and expenses related to the application of the “personal holding company” rules of the Internal Revenue Code of 1986, as amended, to PGI and its subsidiaries. Each such holder will also be entitled to receive its ratable share of any additional amounts if and when released from the escrow fund in accordance with the definitive agreement related to the merger. The acquisition was funded via a combination of new senior secured notes and a significant equity contribution by affiliates of Blackstone.