OMNOVA Solutions Inc. OMN said Wednesday that it has entered an agreement to be acquired by U.K. chemical company Synthomer plc for $10.15 per share in cash.
Omnova shares were trading up 55.62% at $9.98 at the time of publication.
"The offer price represents a premium of 52% over OMNOVA's three-month weighted average share price of $6.67,” Omnova CEO Anne Noonan said in a statement.
The transaction is expected to close in late 2019 or early 2020 and has been approved unanimously by the OMNOVA and Synthomer boards. Completion of the transaction is subject to certain customary closing conditions.
Morgan Stanley is acting as exclusive financial advisor to OMNOVA Solutions and Jones Day is acting as its legal counsel.
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