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Japan Pulp and Paper makes €25 million bid for Inapa France and other parts of the company

Bernd Hecht, 25 September 2024

The insolvency administrator of Inapa IPG has received a further offer for parts of the insolvent Inapa group of companies, which he will propose to the upcoming creditors' meeting for acceptance.  According to a supplementary report by the insolvency administrator published by Inapa IGP, Japan‘s paper trading company Japan Pulp and Paper (JPP) submitted a binding proposal for all shares in Inapa France SAS on 24 September 2024.

The takeover bid also indirectly includes all shares in the trading company JJ Loos, which specialises in the sale of printing machines and consumables for visual communication and which Inapa acquired two years ago. Japan Pulp and Paper says it may also consider to include in the transaction perimeter assets in Portugal, the Shared Services Centre and trademark rights, should the size of its takeover bid not be sufficient to reach the next stage in the potential takeover process.

JPP is offering a takeover price of €25m, based on an enterprise value of €73.1m, but is making the signing and completion of the transaction conditional on its takeover bid being considered as part of the asset sale process in Germany for the final phase of negotiations.

The potential takeover of Inapa France SAS would take place via a subsidiary of JPP.

The insolvency administrator states in his report that JPP's takeover bid results in a higher enterprise value and equity value than the other proposals received for the same assets and does not conflict with the perimeter of the transaction proposed by Next Pack SAS. He proposes a period of 30 days for exclusive negotiations with JPP and, after reviewing the terms, acceptance of the offer by the creditors' meeting.  

Source: Euwid