AkzoNobel proposed to acquire Tikkurila, a move the companies say would create a strong platform for future growth and serve customers with more innovative and sustainable solutions.
The proposal includes an all-cash public offer for all issued and outstanding shares of Tikkurila at an offer price of €31.25 per share (“potential offer”) and total equity value of around €1.4 billion. This represents a premium of 113% to Tikkurila’s volume weighted average share price for the undisturbed three-month period ending December 17, 2020, and it is 13% higher than the current offer made on January 5, 2021.
To obtain merger clearance and ensure deal certainty for Tikkurila and its shareholders, AkzoNobel agreed with Hempel key terms for the sale of assets, including the decorative paints business of AkzoNobel in the Nordics and the Baltics, to be completed after closing of AkzoNobel’s proposed public offer for Tikkurila.
Tikkurila’s main offices and production facilities in Finland would become a hub for the combined business in the Baltic Sea region.
Thierry Vanlancker, AkzoNobel CEO, said: “Our complementary geographic profiles would create superior value compared to any other combination, including growth opportunities for the company and its employees. Our collective procurement capabilities, expanded production, and combined sales and distribution channels would deliver substantial value creation.”
The post AkzoNobel Proposes to Acquire Tikkurila appeared first on American Coatings Association.
from American Coatings Association https://www.paint.org/akzonobel-proposes-to-acquire-tikkurila/
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