Chicago-based private equity investment firm Madison Dearborn Partners LLC has entered into an agreement to acquire BWAY holding company for $915 million. Based in Atlanta, BWAY is a leading North American supplier of rigid containers and operates 20 plants throughout the United States and Canada.
Under the agreement, BWAY shareholders will receive $20 cash for each
share of BWAY common stock owned — 25 percent above the stock’s 30-day
average. The deal is expected to close in the second or third quarter
of 2010 and would mean BWAY would be a privately-held wholly-owned
affiliate of Madison Dearborn Partners.
While the purchase must be approved by shareholders, the deal was
unanimously approved by BWAY’s board of directors and the company’s
biggest shareholder — Kelso & Company, has agreed to vote all its
shares in favor of the transaction.
