Chesapeake Corporation, the US packaging group, has extended its recommended cash offer for all the outstanding shares of Boxmore International, the Northern Ireland packaging company, until January 26th. This follows receipt of acceptances representing 57.2 per cent of the equity.

The cash offer was previously scheduled to expire yesterday. The cash offer values each Boxmore share at 265p sterling (€4.25), or approximately £191 million for the company.