Linpac, the United Kingdom-based packaging group, is reportedly being put up for sale by its investment company owner, SVPGlobal.
According to the Reuters news agency, the price tag for the firm is a potential 500 million euros ($555.5 million), but its report said the vendor hoped to secure a higher figure than that.
Bidders had until the middle of next week to submit first-round offers, Reuters said.
When contacted by PRW, a spokesman for U.S.-based SVPGlobal said the firm would be making “no comment whatsoever.” PRW is a sister publication of Plastics News.
In a statement Linpac said it not comment on market rumor or speculation and was "focused on executing its investment-led growth strategy in order to build on the strong momentum it has generated in recent years."
SVPGlobal, which has offices in London, Frankfurt and Tokyo, as well as the U.S., took control of Linpac, based in Featherstone, England, in late 2014.
The packaging group's then-chief executive, David Meldram, left the company at the end of that year, being replaced by Daniel Dayan, a former chief executive of Fiberweb, a manufacturer of industrial textiles.
According to its website, Greenwich, Conn.-based SVPGlobal said its business focus was on “distressed, deep-value opportunities, where we typically take an active role in transactions, whether driving the financial restructuring of companies facing bankruptcy, on ad hoc or formal creditors' committees, or leading the turnaround of a business by driving the strategic and operational direction of the company.”