Dutch industrial packaging company Mauser Group had been expected to go public in the U.S. this week, but instead has agreed to be acquired by Atlanta rival BWAY Corp. for $2.3 billion.
Secondary sale: This is really a deal between private equity firms, as Mauser was owned by Clayton, Dubilier & Rice, and BWAY is backed by Stone Canyon Industries.
Even money: The IPO had been expected to give Mauser around a $1 billion fully-diluted market cap, if it priced in the middle of its anticipated range. But Mauser also carries over $1.3 billion in debt, so the all-cash sale is really coming at a market price.
Déjà Vu: Mauer's last-minute pull from the public markets is reminiscent of what we recently saw with AppDynamics, which agreed to be acquired by Cisco Systems just one day before its expected pricing.
