The paper and packaging firm Mondi is aiming to buy out the minority interest in its Polish operation Mondi Swiecie.
If the company can persuade all the outstanding shareholders to sell their stakes the deal will cost around €280m.
The all cash offer of €16.48 per share is being made at a premium of 15.6% over the average share price of the last three months.
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The expected completion is mid-April but is dependent on Mondi achieving minimum acceptances of 14% of Mondi Swiecie shares (to bring the Mondi Group's total interest in the company to not less than 80%).
The plan would then be to de-list Mondi Swiecie from the Warsaw Stock Exchange, with the absorbed company adding 9.4% to Mondi Group's underlying earnings.
Mondi's stock was down 1.7% by 9.27am.
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