Blackstone to Buy Polymer Group

Private equity firm Blackstone has agreed to acquire Polymer Group (PGI; Charlotte, NC) for $18.16/share, or about $389 million, the company says. Turnaround firm MatlinPatterson Global Opportunities (New York), which currently owns about 63.4% of the company, approved the deal. Blackstone has offered to purchase 100% of PGI, whose shares are traded over-the-counter. The deal is expected to close in the first-quarter of 2011. The deal is the result of a strategic review that PGI announced earlier this year. Blackstone has secured debt financing for the deal from...

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