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Prices & Quotes - UK Markets - Synthomer (SYNT)

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Share Price:
Up 529.50p
Change Today:
2.50p
Market Cap:
2,249.59m
Sector:
Chemicals

Synthomer agrees to acquire Omnova Solutions

By Iain Gilbert

Date: Wednesday 03 Jul 2019

LONDON (ShareCast) - (Sharecast News) - Speciality chemicals company Synthomer has agreed to acquire Omnova Solutions as part of a $473m deal aimed at strengthening its global footprint.
Synthomer offered up $10.15 per Omnova share on Wednesday, a premium of 58% to the group's closing price in the previous session.

The FTSE 250 constituent will finance the deal through a rights issue of up to $257m and was expected to be completed by late 2019 or early 2020.

Following completion, Synthomer expects the deal to boost earnings in the first full financial year and anticipates annual pre-tax cost savings of $29.6m by the end of the third year.

Synthomer said adding Omnova to its portfolio would help it bolster its market share in Europe and Asia and help penetrate into China.

Chief executive Calum MacLean said: "This transaction is an important step in the continued execution of Synthomer's strategy with an acquisition that is both strategically and financially compelling.

"The acquisition provides an attractive financial profile with significant expected synergy benefits. Synthomer has been disciplined waiting for the right opportunity to deliver value through our inorganic growth strategy and this acquisition will provide an additional platform for Synthomer to continue to grow into the medium term."

Elsewhere, Omnova revealed that second-quarter profits had fallen over 33% to $5.6m on the back of volatile markets and challenging economic conditions.

As of 0840 BST, Synthomer shares had fallen 2.32% to 362.60p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Synthomer Market Data

Currency UK Pounds
Price 529.50p
Change Today 2.50p
52 Week High 552.00p
52 Week Low 287.80p
Volume 853,448
Shares Issued 424.85m
Market Cap 2,249.59m

Performance Indicators

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What The Brokers Say

Strong Buy 10
Buy 0
Neutral 4
Sell 0
Strong Sell 0
Total 14
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Synthomer Dividends

  Latest Previous
  Final Interim
Ex-Div 03-Jun-21 22-Oct-20
Paid 05-Jul-21 10-Nov-20
Amount 8.60p 3.00p

Trades for 30-Jul-2021

Time Volume / Share Price
16:35 132,032 @ 529.50p
16:29 4 @ 526.50p
16:29 152 @ 526.50p
16:29 149 @ 526.50p
16:29 123 @ 526.50p

Synthomer Key Personnel

CEO Calum MacLean
CFO Steve Bennett