BILT gets plant buyout offer from JK Paper

In a BSE filing, Ballarpur Industries said ‘material subsidiary of the company, viz. BILT Graphic Paper Products (BGPPL) has received a tentative offer and draft term sheet for acquisition of its Ballarpur unit and Ashti unit of BGPPL from JK Paper (JKPL).

The statement further read that, ‘BGPPL is reviewing the terms and conditions of the same’.

However, the company added that the period for exclusivity to not enter into negotiations with or enter into transactions, arrangements with anyone other than JKPL in relation to the potential transaction or any transfer or disposal of any part of the Ballarpur Unit and Ashti Unit expired on October 20, 2016.

On July 5, JK Paper said it offered to acquire two facilities of BILT Graphic Paper Products located in Maharashtra for an undisclosed sum. JK Paper had said that the offer is preliminary and subject to customary conditions, including but not limited to initiation and completion of satisfactory due diligence finalisation and execution of definitive agreements and applicable law.