2nd Oct 2019 15:42
(Alliance News) - Wilmcote Holdings PLC on Wednesday said it will not directly acquire Arclin Inc but is still interested in an indirect deal.
Wilmcote acquires and develops chemicals businesses such as Arclin and said it had "evaluated a range of transaction structures regarding the potential acquisition".
While the direct acquisition is no longer on the cards, Wilmcote is still "interested in indirectly participating in a possible acquisition of Arclin by an unaffiliated US-listed investment vehicle".
Should the deal prove successful, Wilmcote's management group will be "engaged by the unaffiliated US-listed investment vehicle" with a "provision for Wilmcote to receive compensation to reflect its investment in the acquisition opportunity."
The company believes this would be "the most likely way of creating shareholder value" via the acquisition. Wilmcote's shares remain suspended, having last traded in June, pending another announcement on the deal.
Shares in Wilmcote are currently suspended, last closing at 97.5 pence each.
By Anna Farley; [email protected]
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