API to be delisted after bidder hits 75%

PACKAGING materials manufacturer API Group will return to private ownership after largest shareholder Steel Partners, hit the 75% threshold it needed to delist the AIM company.

Shareholders will pocket 60p per share in a deal that values Stockport-based API at £46m.

Its independent board recommended that investors accept Steel’s offer, which was made at a 27% premium to the company’s share price before it made its bid.

The final day of trading for the shares will be April 16 and the company will be formally de-listed on April 17.

API employs more than 500 people in over 15 locations, including Salford.