Nippon Paint Holdings to acquire Indian-based paint manufacturers
Nippon Paint Holdings Co., Ltd. (“NPHD”) has announced that the Board of Directors meeting has approved the acquisition of shares of Nippon Paint (India) Private Limited (“NPI”) and Berger Nippon Paint Automotive Coatings Private Limited (“BNPA,” and collectively with NPI, the “Target Companies”), which are Indian-based paint manufacturers. The companies have entered into a Master Agreement and a Share Purchase Agreement involving the acquisition.
Rights to buy back the Target Companies
Pursuant to the Acquisition, the shares of NPI will be acquired by NPHD and shares of BNPA by Nippon Paint Automotive Coatings Co., Ltd. (“NPAC”), a subsidiary of NPHD. The Acquisition was carried out through the execution of call options which give NPHD the rights to buy back the Target Companies based on the Master Agreement that was signed with Isaac Newton Corporation (“INC”), which is a member of the Wuthelam Group