OMNOVA Solutions has announced that it has entered into a definitive agreement to be acquired by Synthomer plc. for USD 10.15 per share in cash.
Opportunities for Business and Its Employees
OMNOVA Chief Executive Officer Anne Noonan said,
"Today, we announced that we have entered into a definitive agreement under which Synthomer plc will acquire all of the outstanding common shares of OMNOVA Solutions for USD 10.15 per share in an all-cash transaction.”
“The offer price represents a premium of 52% over OMNOVA's three-month weighted average share price of USD6.67. The transaction has been approved unanimously by the OMNOVA and Synthomer boards of directors. We are pleased that Synthomer recognizes the hard work of our employees in executing our multi-year transformation into a leading global specialty solutions provider.”
“OMNOVA complements Synthomer culturally, geographically and by market, while Synthomer's financial position provides for a very strong combined company that will be well positioned to accelerate growth. 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," finished Noonan.
Transaction to be Closed by Early 2020
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.
Source: Synthomer