Interest in API (API) has been reignited after the packaging materials group, under pressure from major shareholders, confirmed it is officially up for sale. Indicative proposals must be in by the end of next month and there should be plenty of interest.
API first mooted the idea in February after US activist fund and 32 per cent shareholder Steel Partners said it wanted out. Wynnefield Capital does, too. Trade buyers in Germany and the Middle East and foil-makers in Asia are believed to be the most likely bidders. Even Illinois Tool Works, which had an offer of around 100p a share turned down in 2005, may have another look. But activist fund Crystal Amber thinks a sale could be "premature" and believes the shares offer upside "well in excess of 100p".
