11th Oct 2019 09:14
(Alliance News) - Chemicals firm Synthomer PLC on Friday expressed hope for a timely completion of its Omnova Solutions Inc purchase.
The statement came after specialty chemicals firm Omnova's shareholders backed the USD824 million takeover by Synthomer "overwhelmingly" in a vote on Thursday.
Synthomer's own shareholders have already approved the takeover, and it received US regulatory approval in August. However, approval is still needed in Turkey and from the European Commission.
"The company continues to target completion of the transaction in late 2019, however, there can be no assurances regarding the timing of regulatory clearances which could delay completion to early 2020 and a further announcement will be made in due course," said Synthomer.
Synthomer is paying USD10.15 per share for the New York-listed company. It carried out a rights issue to help fund the deal, raising GBP204 million.
Synthomer shares were 0.8% higher on Friday morning in London at 288.40 pence each.
By George Collard; [email protected]
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