Synthomer plc(headquartered in London)has signed a definitive agreement to pay $10.15 per share cash to acquire 100% control of Omnova Solutions Inc(headquartered in Beachwood,OH).This represents a premium of 52% over Omnova’s three-month weighted average share price of $6.67 and indicates an enterprise value of $824 M for Omnova.Synthomer will make a rights issue for up to $257 M to help finance the transaction.Subject to regulatory approvals,the deal is expected to close by early 2020.Omnova was created in 1999 as the entity inheriting the Performance Chemicals and Decorative & Building Products businesses of GenCorp(formerly General Tire & Chemical Corp).Omnova now employs about 1900 people and has 13 manufacturing facilities in the US,Europe and Asia,producing a variety of elastomers,dispersions,polymers,speciality chemicals and”engineered surfaces”such as decorative laminates,coated fabrics and rigid,semi-rigid and flexible plastic film.The company is a prominent supplier of hollow-sphere opacifiers,with a styrene acrylate shell,marketed for cosmetics and personal care products under the Lytron brandname.For the year to end-May 2019,Omnova reported global sales revenue at $760 M.
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