PPG raises offer for Tikkurilia in response to competing bid
2021-01-06    [Source:PUdaily]
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PPG Industries says it has raised its offer for Tikkurila to 1.24 billion ($1.52 billion), or 27.75/share, in response to Tikkurila’s receipt of an undisclosed rival bid. PPG announced the acquisition ofT ikkiurila for an original price of 1.1 billion, or 25/share, on 18 December. The revised offer represents an 84.5% premium on Tikkurila’s closing price as of 17 December, the last trading day before the deal was announced.

Tikkurila is a major producer of decorative paints and coatings, with operations in 11 countries, principally in Northern Europe. The company reported 564 million in revenue in 2019.

“We will be able to extend the reach of the strong Tikkurila products, and immediately utilize Tikkurila’s well-established distribution network across the Nordic region for a wide variety of PPG products,” says PPG chairman and CEO Michael McGarry. “From a cost standpoint, the Tikkurila management team has implemented a broad margin improvement program over the last couple of years, and we will continue that momentum with supply chain and other traditional acquisition-related synergies.”

The tender offer for all outstanding shares in Tikkurila will commence on or around 15 January, and the deal is expected to close in the second quarter of this year.

PPG has announced multiple significant acquisitions in recent weeks. Earlier today, PPG announced the acquisition of VersaFlex, a maker of specialty coatings for industrial and infrastructure end markets, and in November the company said it would acquire transportation coatings maker Ennis-Flint.

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