Ashurst is advising Cedar 2015 Limited (an indirect subsidiary of Steel Partners Holdings L.P.) on its £46 million offer for API Group Plc, announced today.

API Group is a manufacturer and distributor of foils, films and laminates used to enhance the visual appeal of products and packaging, serving industrial markets in Europe, North America and Australasia from production operations in the UK and US.

Steel Partners is a global diversified holding company that engages in multiple businesses, including diversified industrial products, energy, defence supply chain management and logistics, banking, food products and services, oilfield services, sports, training, education and the entertainment and lifestyle industries. Steel Partners is listed on the New York Stock Exchange (Ticker: SPLP) and has a market capitalisation of approximately US$479 million. 

Steel Partners first invested in API in 2004 and since then has been a long term supporter of API's business, providing financing to API in December 2007 and in doing so becoming API's largest shareholder.

Ashurst also advised Steel Partners on API's 2007 fundraising.

The Ashurst team is being led by corporate partner Tom Mercer, assisted by associate Matt Sparks, solicitor Jacob Gold and trainee solicitor Emma Camilleri. The team also includes Paul Randall, head of employee benefits and incentives, and partner Jennifer Schneck and senior associate Jeffrey Johnson of Ashurst's London-based US Securities group.