Quadrant Holding AG (QUAN.EB) Monday said its board is backing a takeover bid by a joint entity of Mitsubishi Plastics and several of the Swiss company's founders for CHF86 a share in cash.

Aquamit, half-owned by Mitsubishi Plastics, which is part of Japan's Mitsubishi Chemical Holdings Corp. (4188.TO), and by four Quadrant founders and board members, already holds 32.7% of Quadrant, not including options which would entitle Aquamit to another 4.1% stake if exercised.

Company Web site: http://www.quadrant.com

-By Katharina Bart, Dow Jones Newswires; +41 43 443 8043; katharina.bart@dowjones.com