JAPAN (From news reports) -- Spicers has reportedly entered into a scheme of arrangement with Japan's Kokusai Pulp and Paper to be taken over for around $148 million.
The proposed deal also includes the separate sale of Spicers Asian businesses to KKP. The all-cash offer for Spicers' Australian and New Zealand operations values the business at 7 cents a share.
Spicers' Directors unanimously recommend shareholders vote in favor of the proposed transaction.
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