Shareholders of Dublin and Toronto-based company IPL Plastics have approved the purchase of the company by Intelligent Packaging Limited.

Intelligent Packaing is an entity controlled by Chicago-based private equity firm Madison Dearborn Partners. 

Approximately 99.95% of shareholders voted in favour of the deal, which values IPL Plastics at $555m (Canadian) on an equity basis and at $981m on an enterprise basis.

IPL Plastics - formerly known as One51 - manufactures a range of plastic products, from food containers to wheelie-bins.

Under the terms of the deal, Intelligent Packaging will pay $10 in cash per share of all of the issued and outstanding common shares the company. 

This represents a 153% premium to the company's closing price on May 15, the last trading day before media reports concerning a potential acquisition.