Rexam Confirms Talks With Ball Corp., Stock Surges

(RTTNews) - Noting the recent media speculation, beverage can maker Rexam Plc. (REX.L, REXMY.PK) Thursday confirmed that it is in discussions with Ball Corp. (BLL), which may or may not lead to a formal offer being made for Rexam.

The proposal values Rexam at 610 pence per each Rexam share based on a consideration of about two thirds in cash and one third in new Ball shares.

Discussions on other matters are continuing and there can be no certainty any formal offer will be forthcoming, or as to the terms of any offer, Rexam added.

Rexam climbed 23.8 percent on the LSE to 554.00 pence, while BLL was modestly higher in pre-market on Thursday after closing Wednesday's regular trade at $66.15.