IPL Plastics has said it has not received any further offers for the company, paving the way for a proposed takeover by Madison Dearborn Partners to proceed to shareholder vote.
The company said the 30 day "go-shop" period, during which it was allowed to solicit and engage in discussion and negotiations with respect to potential proposals that are better than that proposed by Madison Dearborn, had expired yesterday.
It said that following the announcement of the takeover proposal, its financial advisor BMO Nesbitt Burns Inc contacted 57 prospective purchasers.
"14 of the prospective purchasers entered into a confidentiality and standstill agreement with the company and were provided access to non-public information about IPLP," it added in a statement.
"All 14 prospective purchasers subsequently informed BMO that they were no longer interested in pursuing a transaction with the company and no superior proposal was received during the go-shop period."
Dublin headquartered but Canadian listed IPL, which was previously known as One51, said it has sent shareholders the management information circular and related materials for a special meeting to approve the takeover plan.
That meeting is scheduled to take place virtually on September 28 and the board of directors are recommending that shareholders back the proposal.
The backing of two thirds of shareholders is needed for the takeover to proceed.
IPL Plastics revealed at the end of July that it had received the offer from Madison Dearborn, which is offering to pay 10 Canadian dollars a share for control of the company.
