OMNOVA Solutions shareholders has approved the merger agreement under which Synthomer plc will acquire all outstanding OMNOVA common shares. Upon completion of the merger, OMNOVA shareholders will be entitled to receive $10.15 per share for each share owned.
“We are pleased that OMNOVA shareholders have overwhelmingly supported the pending merger with Synthomer, which represents a tremendous strategic and value-creating opportunity,” said Anne Noonan, president and CEO of OMNOVA. “The combined company will have an expanded global platform and portfolio to serve customers, greater supply chain and manufacturing scale to more efficiently produce and distribute product, an increased innovation pipeline to accelerate future growth, and a stronger balance sheet to drive inorganic growth opportunities.”
The closing of the merger remains subject to the satisfaction of customary closing conditions, including the receipt of regulatory clearances in the European Union and Turkey.
OMNOVA and Synthomer continue to target closing the transaction in 2019; however, there can be no assurances regarding the timing of completion of regulatory clearance, which could delay the closing to early 2020.