Beachwood-Based OMNOVA Solutions Inc. is being acquired by Synthomer plc, a UK-based specialty chemical company, for about $455 million.
Synthomer has agreed to pay $10.15 a share in cash, a premium of 52% over OMNOVA's three-month weighted average share price of $6.67. The deal, which has been approved unanimously by the boards of OMNOVA and Synthomer, will be paid for with a rights issue of up to $257 million. It is expected to close late this year or early in 2020.
Morgan Stanley & Co. LLC is acting as exclusive financial advisor to OMNOVA. Jones Day is acting as its legal counsel.