Shareholders OK Spicers-KPP deal

AUSTRALIA (From news reports) -- Spicers shareholders have overwhelmingly approved the company's buyout by Japanese firm Kokusai Pulp and Paper (KPP), a move which CEO David Martin says will enable it to offer more to printers.

The shareholder approval clears the first hurdle for the $146.7m deal, which will see KPP pay shareholders seven cents per share for the company.

Martin said the 99.75 per cent vote in favour was a "great result" not just for Spicers but for its clients. A hearing for Federal Court approval is scheduled for next Wednesday.

"The shareholders are evidently pleased with the opportunity. This was the first step - there's a board meeting in Japan, and then a court hearing next week. If those all turn out favorably, then we're good to go.

"This will mean that Spicers sees more investment, which will allow us to take on new product lines, offer more to the customers, and potentially grow the business. It's a strong positive for the Australian market, absolutely," he said.

The deal will mean that Japanese interests own most of Australia's paper merchants and suppliers, with Nippon Paper owning Australian Paper, and Japan Pulp and Paper owning Spicers' main rival, Ball and Doggett, as well as Spicers' former Asian arm. The third major paper merchant in the country, Direct Paper, is a family-owned business, headed up by director Dale O'Neill.

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Shareholders OK Spicers-KPP deal

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