OMNOVA Solutions Inc. has announced that it has entered into a definitive agreement to be acquired by Synthomer plc for $10.15 per share in cash. OMNOVA also reported its second quarter fiscal 2019 earnings, which included the 10th consecutive quarter of year-over-year volume growth in its Specialty Solutions segment.
“The offer price represents a premium of 52 percent over OMNOVA’s three-month weighted average share price of $6.67. The transaction has been approved unanimously by the OMNOVA and Synthomer boards of directors,” said OMNOVA chief executive officer Anne Noonan said. “This transaction presents increased opportunities for the business and its employees to leverage the combined scale, grow more quickly and profitably, and enhance product innovation in ways that will benefit customers and employees.”
Completion of the transaction is subject to the satisfaction of certain customary closing conditions, including the receipt of regulatory approvals, and approval from Synthomer’s and OMNOVA’s shareholders. The transaction is not contingent on obtaining financing and is expected to close in late 2019 or early 2020.
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from American Coatings Association https://www.paint.org/omnova-to-be-acquired-by-synthomer-plc/
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