Accrol Group Holdings PLC has received an increased and final cash offer from Navigator Paper UK Limited, an indirect wholly owned subsidiary of The Navigator Company, S.A. The offer, to be implemented by way of a scheme of arrangement under Part 26 of the Companies Act 2006, values Accrol's entire issued and to be issued share capital at approximately £130.8 million and implies an enterprise value of approximately £188.2 million. The Increased Offer Price represents a premium of approximately 52 per cent. to the average EV/LTM EBITDA multiple of 6.6x for publicly traded companies across private label tissue, private label hygiene, and other UK companies that focus on private label products.

Under the terms of the Increased and Final Offer, Accrol Shareholders will be entitled to receive 39 pence in cash for each Accrol Share. Bidco considers the financial terms of the Increased and Final Offer to be full and fair, confirming that the financial terms, including the Increased Offer Price, are final and will not be increased, except under certain circumstances. The Increased Offer Price represents a premium of approximately 14.7 per cent. to the Closing Price of 34.0 pence per Accrol Share on 21 March 2024, 32.1 per cent. to the Volume Weighted Average Price per Accrol Share during the 6-month period ended on 21 March 2024, and 26.4 per cent. to the Volume Weighted Average Price per Accrol Share during the 12-month period ended on 21 March 2024.

The Increased and Final Offer is subject to the terms and conditions set out in the Scheme Document, with no intention from Accrol to publish a revised scheme document for the Increased and Final Offer. The Accrol Board confirms that, from the date on which Bidco announced its firm intention to make the Offer to the date of the Announcement, no proposal in respect of an offer to acquire Accrol has been received. Accrol also confirms that there have been no changes to the information disclosed in the Scheme Document that are material in the context of the Scheme.