Four directors of Swiss high performance polymer producer Quadrant (Zurich; www.quadrant.ch), in partnership with Mitsubishi Plastics (MPI, Tokyo / Japan; www.mpi.co.uk), plan to make a public tender offer for all of the company’s shares. If successful, they will delist it from the Swiss stock market.

Through the 50:50 acquisition joint venture Aquamit (Amsterdam / The Netherlands), directors Adrian Niggli, Arno Schenck, René-Pierre Müller, Walter Grüebler and the Japanese plastics producer are offering CHF 86 (EUR 57) per share – a premium of 58% over the last the volume-weighted average of the last 60 days. Aquamit already owns about a third of Quadrant’s share capital and is seeking to gain control of more than two-thirds over the next several weeks.

The Swiss and Japanese plastics specialists – including their respective predecessors – have cooperated in the Japanese market since 1966, in the joint venture Nippon Polypenco Ltd (NPL). Independently, Quadrant also has been building up a position in Japan in recent years – see Plasteurope.com of 14.02.2008 – and the company said it has been holding “strategic talks” about intensifying the partnership with Mitsubishi. As part of a new strategic alliance with Mitsubishi and Aquamit, it has agreed to increase its ownership in NPL to 55% from 45%.

“Closer cooperation with Mitsubishi Plastics is beneficial to Quadrant,” Niggli said in a statement. He added that the link with the “global leader in manufacturing of exclusive raw materials and in research and development” is expected to lead to increased product innovation as well as cost savings. At the same time, he said it will allow Quadrant to better penetrate the attractive Japanese markets and other growth markets in the Asian region.” Improved access to geographic markets outside Asia with the help of Quadrant is one of Mitsubishi Plastics’ goals, said director Masami Segawa.

Opposition to the deal from regulatory authorities is not expected. However, Giorgio Behr, whose investment vehicle Behr Bircher Cellpack (BBC; www.bbcgroup.biz), recently increased its shareholding in Quadrant to more than 10%, is said to oppose the takeover plan, due to the participation by a foreign company and also be unhappy with plans for a de-listing.

In the first quarter of 2009, the widening economic crisis hit Quadrant with full force. Net sales of CHF 119.8 bn were about 20% below the final quarter of 2008 – see Plasteurope.com of 07.04.2009 – and 41% below the first quarter of 2008. EBITDA before restructuring was negative at CHF 5.4m, and adjusted figures show an EBITDA loss of CHF 2.9m for the quarter. The company said its two divisions, High Performance Plastics and Plastic Composites & Pipes, “continued to be equally affected by the demand crisis.”