Building supplier Tyman’s US buyer Quanex sweetens takeover deal
The changes come after Tyman shareholders voiced concerns about a £788 million offer that was accepted earlier this year.
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Your support makes all the difference.Building products supplier Tyman’s shares rose on Friday after Quanex, the US company planning to buy it, increased the cash segment of the deal.
The changes came after Tyman shareholders voiced concerns about volatility in Quanex’s shares, and currency exchange movements since the initial offer on April 22.
Under the new deal, Tyman shareholders would get a special interim dividend of 15p per share as well as the previous bid of 240p and 0.05715 of a new Quanex share for every Tyman share.
The initial offer valued Tyman at about £788 million.
Texas-based Quanex, which also makes parts for windows and doors, said in a joint statement that Tyman would delist from the London Stock Exchange (LSE), and the combined company will be listed in New York.
The deal would make Tyman the latest UK-listed company to be snapped up by a US counterpart, after a clutch of companies have already left or opted against the London stock market of late.
Britain’s biggest chip company ARM floated in New York last autumn, in a move which was widely interpreted as a blow for the LSE.
Irish building supplies group CRH also moved its stock market listing to Wall Street in June 2023, while plumbing equipment supplier Ferguson did the same in 2022.
In a stock market update, Tyman said: “The Tyman directors believe that the transaction, as amended by this announcement, is in the best interests of Tyman shareholders as a whole.”
Tyman shares rose 2.7% in Friday morning trading.