Omnova to be acquired by Synthomer for USD 10.15 per share
The Company 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.
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 USD 6.67. The transaction has been approved unanimously by the Omnova and Synthomer boards of directors.”
“Increased opportunities for the business”
“We are pleased that Synthomer recognises 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.