PPG is extending the tender offer period for all issued and outstanding shares of Tikkurila Oyj to May 11, 2021. The tender offer period, which commenced on January 15, 2021, was most recently scheduled to expire on April 14, 2021.
As previously announced, the European Commission and the Ministry of Economic Affairs and Employment of Finland each have granted approval of the tender offer. The European Commission’s merger control approval applies without conditions across the European Union, including Poland. In addition, the Agency for Protection and Development of Competition of the Republic of Kazakhstan has now granted approval of PPG’s acquisition of Tikkurila.
The completion of the tender offer remains subject to the receipt of regulatory approval from the Federal Antimonopoly Service of Russia, which PPG anticipates receiving within this extended period, and to additional customary conditions to completion, including the valid tender of shares representing, together with shares otherwise held by PPG and its subsidiaries, more than 66.7% of the outstanding shares of Tikkurila.
PPG will provide additional updates on or shortly after the extended tender offer period expires on May 11, 2021, and expects to close the acquisition shortly thereafter.