PolyOne acquiring plastic sheet, compound producer Spartech for US$393M; purchase expands PolyOne's specialty portfolio, adjacent technologies in end markets with Spartech's leading North American market position in sheet, rigid barrier packaging
Andrew Rogers
CLEVELAND
,
October 24, 2012
(press release)
–
Acquisition Highlights:
PolyOne Corporation (NYSE: POL), a premier provider of specialized polymer materials, services and solutions, and Spartech (NYSE: SEH), a leading producer of plastic sheet, compounds and packaging solutions, today announced they have entered into a definitive agreement, under which PolyOne will acquire Spartech. Under the terms of the agreement, Spartech stockholders will receive $2.67 in cash and 0.3167 shares of PolyOne common stock for each share of Spartech common stock. Based on the closing price of PolyOne shares on Tuesday, October 23, Spartech stockholders will receive cash and stock valued at $8.00 per Spartech common share, representing a total transaction value of approximately $393 million, including the assumption of Spartech's net debt of $142 million.
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