Irish co-ops with shares in IPL Plastics (formerly One51) are set for a cash windfall of €70m by the middle of October.
This week, shareholders in IPL unanimously approved the sale of the company to Chicago-based private equity group Madison Dearborn Partners and the company’s existing main shareholder, Quebec-based pension fund CDPQ, as part of a C$555m (€347m) deal.
The Irish Farmers Journal understands that all of the Irish co-ops who participated in the shareholder vote, voted to approve the deal.
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With Irish co-ops owning around 20% of the shares in IPL they are in line for a cash payout of €70m. Larry Goodman is thought to hold around 5% of the shares in IPL and is in line for a €17m cash windfall.
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Irish co-ops with shares in IPL Plastics (formerly One51) are set for a cash windfall of €70m by the middle of October.
This week, shareholders in IPL unanimously approved the sale of the company to Chicago-based private equity group Madison Dearborn Partners and the company’s existing main shareholder, Quebec-based pension fund CDPQ, as part of a C$555m (€347m) deal.
The Irish Farmers Journal understands that all of the Irish co-ops who participated in the shareholder vote, voted to approve the deal.
With Irish co-ops owning around 20% of the shares in IPL they are in line for a cash payout of €70m. Larry Goodman is thought to hold around 5% of the shares in IPL and is in line for a €17m cash windfall.
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