Cleary Gottlieb is representing long-time client Texas Pacific Group in its bid for UK-based foam rubber producer British Vita plc. TPG’s initial approach was rejected by the company, leading it to increase its all-cash offer to 335 pence per share, putting a value on the company of £620.4 million ($1.17 billion).
British Vita was founded in 1949 to make foam rubber cushioning and later diversified into automotive products, mattresses and sofas. It was listed on the London Stock Exchange in 1966 and employs more than 8,200 people manufacturing cellular polymers, thermoplastics and polyester fibre.
Cleary Gottlieb also acted as counsel to TPG in its successful £1.66 billion acquisition of UK department store giant Debenhams plc in 2003.