A consortium of private equity interests including Bain Capital said on Thursday it was offering to buy nonwovens and specialty paper maker Ahlstrom-Munksjö Oyj in a deal valuing the Finnish firm at around €2.1 billion. The consortium, Spa Holdings 3 Oy, said it was offering €18.10 euros in cash per share, representing a premium of around 24% to Wednesday’s closing price of €14.56 euros.

The bidder said it had received irrevocable undertakings to support the offer from shareholders representing over 35% of the shares, while the board of Ahlstrom-Munksjö is also recommending shareholders accept the offer.

The consortium said it intends to invest “significant time, resources and capital” to support Ahlstrom-Munksjö’s strategy for long-term profitable growth.

“The completion of the tender offer is not expected to have any immediate material effects on the operations, or the position of the management or employees, of Ahlstrom-Munksjo,” it said in a statement, adding it would change the composition of the board.

According to the Ahlstrom-Munksjö website, the Consortium believes that under private ownership Ahlstrom-Munksjö will be best placed to fulfill its potential from its diversified product portfolio, substantial technical know-how as well as its leading positions in attractive niches. However, the Consortium recognizes that the sector is becoming increasingly competitive and intends to invest significant time, resources and capital to support its strategy for long-term profitable growth, to maintain and further strengthen existing market positions in its core areas and invest in new business opportunities. Under private ownership, the company would be ideally positioned to invest further and faster in initiatives to support organic growth as well as benefiting from additional expansionary capital expenditures and acquisitions to strengthen selected areas of the portfolio.

The offer is expected to be officially submitted October 26 and the offer period will expire January 4, 2021.