US firm makes approach for Fiberweb

Fiberweb, a manufacturer of industrial and construction metals, said yesterday it has received a takeover proposal from Polymer Group, which has been given until 17 September to formalise a bid or walk away. Fiberweb said Polymer’s proposal is for 97.5p a share in cash plus the interim dividend of 1.2p a share, announced 2 August and payable on 1 November. The firm said it would be its intention to recommend an offer from Polymer were it to be made at that price. Fiberweb said it agreed to provide Polymer with access to further due diligence information to facilitate the making of a formal offer on 5 August. Shares closed up six per cent at 92.75p.