Brief: Luxfer Holdings To Acquire Neo Performance Materials

Luxfer Holdings

18/12/2018 12:51

Luxfer Holdings PLC  LXFR.N :
    * LUXFER HOLDINGS TO ACQUIRE NEO PERFORMANCE MATERIALS
    * LUXFER HOLDINGS PLC - DEAL FOR US$612 MILLION
    * LUXFER HOLDINGS PLC - ACCRETIVE TRANSACTION EXTENDS
LUXFER'S
REACH IN HIGHER GROWTH END-MARKETS AND GEOGRAPHIES.
    * LUXFER HOLDINGS PLC - DEAL IMMEDIATELY ADDS TO LUXFER'S
EARNINGS
PER SHARE.
    * LUXFER HOLDINGS PLC - DEAL FOR US$612 MILLION IN CASH AND
STOCK
    * LUXFER - SHAREHOLDERS OF NEO PERFORMANCE MATERIALS WILL
RECEIVE
$5.98 IN CASH & 0.395 LUXFER SHARES FOR EACH COMMON SHARE OF NEO
PERFORMANCE MATERIALS
    * LUXFER HOLDINGS PLC - AT CLOSE OF TRANSACTION, OAKTREE
WILL OWN
APPROXIMATELY 24% OF LUXFER ORDINARY SHARES OUTSTANDING
    * LUXFER HOLDINGS PLC - UPON CLOSING, IT IS ANTICIPATED THAT
SOME
MEMBERS OF CURRENT NEO BOARD OF DIRECTORS WILL JOIN LUXFER'S
BOARD
    * LUXFER HOLDINGS PLC - DEAL UNANIMOUSLY APPROVED BY CO, NEO
PERFORMANCE MATERIALS INC'S BOARD OF DIRECTORS
    * LUXFER HOLDINGS PLC - POST TRANSACTION, CURRENT LUXFER
SHAREHOLDERS WILL OWN APPROXIMATELY 63% OF COMBINED COMPANY ON A
PRO FORMA BASIS
    * LUXFER HOLDINGS - LUXFER EXPECTS TO MAINTAIN TARGET OF
8-10%
INCREASES IN EBITDA ANNUALLY THROUGH CONTINUED INTERNAL
PERFORMANCE IMPROVEMENTS, OTHERS
    * LUXFER HOLDINGS PLC - LUXFER HAS ARRANGED US$375 MILLION
IN
COMMITTED FINANCING IN A SYNDICATED TERM LOAN B TO FUND CASH
PORTION OF PURCHASE PRICE
    * LUXFER HOLDINGS PLC - TRANSACTION IS EXPECTED TO REALIZE
AT
LEAST US$15 MILLION OF COST SYNERGIES
    * LUXFER HOLDINGS PLC - TWO LARGEST SHAREHOLDERS OF NEO HAVE
ENTERED INTO AGREEMENT TO SIGN A LOCK-UP FOR NEWLY ISSUED LUXFER
SHARES UPON DEAL CLOSING
    * LUXFER HOLDINGS PLC - THE TWO LARGEST SHAREHOLDERS OF NEO
ARE
AFFILIATES OF OAKTREE CAPITAL MANAGEMENT LP

Source text for Eikon:  ID:nBw84x5Gza 
Further company coverage:  LXFR.N