Irish-founded packaging company Powerflute up on takeover approach

Shares in Irish-founded packaging company, Powerflute jumped by nearly 2% at one point yesterday following an indicative takeover approach from US private equity house, Madison Dearborn Partners.

The Dermot Smurfit Snr-founded packaging firm, which is based in Finland but has its shares listed on London’s AIM index, yesterday announced it had received the preliminary proposal and that it was being considered.

The proposed offer is 90p in cash for the shares not held by Mr Smurfit — who is also the chairman of Powerflute — or Bacchantes, which is the investment vehicle controlled by his brother Michael Smurfit.