Omnova’s stock soars after buyout deal for 58% premium

Omnova’s stock soars after buyout deal for 58% premium

by Tomi Kilgore, MarketWatch

 

Shares of Omnova Solutions Inc. OMN, -3.89% soared 55% to pace all premarket gainers Wednesday, after the specialty chemicals company announced overnight a deal to be acquired by U.K.-based Synthomer PLC SYNT, +0.75% in a deal that values Omnova at $455.2 million. The rally puts Omnova's stock on track to open at the highest level seen during regular-session hours since September 2018. Under terms of the deal, Omnova shareholders will receive $10.15 in cash for each Omnova share they own, representing a 58% premium to Tuesday's closing price of $6.42. The deal is expected to close in late 2019 or early 2020. Separately, Omnova reported fiscal second-quarter earnings and sales that missed FactSet consensus estimates, citing challenging economic conditions and volatile markets. Omnova's stock has dropped 12.4% year to date through Tuesday, while the SPDR Materials Select Sector ETF XLB, -0.10% has climbed 16.6% and the Dow Jones Industrial Average DJIA, +0.26% has advanced 14.8%.

Click Here to Read Full Article

Coverings 2023 Special Programming and Activations Announced

Coverings (coverings.com), North America’s largest international tile and stone exhibition and conference, has announced an extensive lineup of new and returning activations for Coverings 2023, which will take place April 18-21, 2023, at the Orange County Convention Center in Orlando, Florida.

Read More →

New Studio Collection by Lecxeco

The new Studio Collection includes two new modern-looking door models with more than 30 Uniboard colors available. They will add texture, depth, and style to your projects.

Read More →

Castaly Machine Releases New Edge Bander

Castaly Machine’s new EB-K7CR Edge Bander offers reliability with affordable quality and several innovations.

Read More →