Directors net pounds 22m in Atlas takeover

Four directors of Atlas Converting Equipment will net pounds 22.4m following the pounds 86m agreed cash bid for the company from Valmet, the Finnish industrial group.

The directors, who own 26 per cent of the company, include founder and chairman Chris Rogers, who has a 17 per cent stake in Atlas and will make pounds 15m from the deal. All the directors will stay on as part of the enlarged company.

The bid values each Atlas share at 815p, a 26 per cent premium to the pre-bid price. Shares in the group, which is one of the world's largest manufacturers of rewinders for plastics, closed 160p up at 807.5p.

Mr Rogers said Atlas waslooking to expand its international business. Valmet's strong international base and its excellent fit with the company's existing businesses made it an ideal partner.

Matti Sundberg, president of Valmet, which designs and makes machines used in the paper and pulp industry, said: "Atlas's operations are complementary to Valmet's and both are aimed at developing international markets."