Brief: Quanex Building Products Says Co To Acquire Tyman

Tyman

22/04/2024 07:11

April 22 (Reuters) - Quanex Building Products Corp
 NX.N :
    * QUANEX BUILDING PRODUCTS TO ACQUIRE TYMAN, CREATING A
COMPREHENSIVE SOLUTIONS PROVIDER IN THE BUILDING PRODUCTS
INDUSTRY
    * QUANEX BUILDING - QUANEX WILL ACQUIRE ENTIRE ISSUED AND TO
BE
ISSUED SHARE CAPITAL OF TYMAN FOR APPROXIMATELY $1.1 BILLION1 IN
ENTERPRISE VALUE.
    * QUANEX BUILDING - QUANEX WILL ACQUIRE ENTIRE ISSUED AND TO
BE
ISSUED SHARE CAPITAL OF TYMAN FOR APPROXIMATELY $1.1 BILLION1 IN
ENTERPRISE VALUE.
    * DELIVERS MATERIAL EPS ACCRETION IN FIRST FISCAL YEAR POST
CLOSE;
    * DELIVERS MATERIAL EPS ACCRETION IN FIRST FISCAL YEAR POST
CLOSE;
    * APPROXIMATELY $30 MILLION IN ANNUAL RUN-RATE COST
SYNERGIES
ANTICIPATED
    * APPROXIMATELY $30 MILLION IN ANNUAL RUN-RATE COST
SYNERGIES
ANTICIPATED
    * QUANEX BUILDING - UNDER TERMS OF ACQUISITION, TYMAN
SHAREHOLDERS
WILL BE ENTITLED TO RECEIVE AN IMPLIED VALUE OF 400.0 PENCE FOR
EACH TYMAN SHARE
    * QUANEX BUILDING - UNDER TERMS OF ACQUISITION, TYMAN
SHAREHOLDERS
WILL BE ENTITLED TO RECEIVE AN IMPLIED VALUE OF 400.0 PENCE FOR
EACH TYMAN SHARE
    * COMBINED COMPANY'S HEADQUARTERS WILL BE LOCATED AT
QUANEX'S
CURRENT HEAD OFFICE IN HOUSTON, TEXAS
    * COMBINED COMPANY'S HEADQUARTERS WILL BE LOCATED AT
QUANEX'S
CURRENT HEAD OFFICE IN HOUSTON, TEXAS
    * QUANEX CURRENTLY DOES NOT INTEND TO CLOSE ANY OF TYMAN'S
MANUFACTURING FACILITIES AS A RESULT OF ACQUISITION
    * QUANEX CURRENTLY DOES NOT INTEND TO CLOSE ANY OF TYMAN'S
MANUFACTURING FACILITIES AS A RESULT OF ACQUISITION
    * COMBINED COMPANY IS EXPECTED TO MAINTAIN MODEST NET
LEVERAGE
UPON COMPLETION OF ACQUISITION
    * COMBINED COMPANY IS EXPECTED TO MAINTAIN MODEST NET
LEVERAGE
UPON COMPLETION OF ACQUISITION
    * COMBINED COMPANY WILL BE LED BY MR. WILSON AND QUANEX
EXECUTIVE
TEAM.
    * COMBINED COMPANY WILL BE LED BY MR. WILSON AND QUANEX
EXECUTIVE
TEAM.
    * COMBINED CO EXPECTS TO ACHIEVE NET LEVERAGE OF
APPROXIMATELY
1.5X IN MEDIUM-TERM FOLLOWING COMPLETION OF ACQUISITION.
    * ACQUISITION IS NOT SUBJECT TO ANY FINANCING CONTINGENCY
    * COMBINED CO EXPECTS TO ACHIEVE NET LEVERAGE OF
APPROXIMATELY
1.5X IN MEDIUM-TERM FOLLOWING COMPLETION OF ACQUISITION.
    * TYMAN SHAREHOLDERS WILL OWN BETWEEN APPROXIMATELY 30% AND
32% OF
QUANEX, ON A FULLY DILUTED BASIS
    * ACQUISITION IS NOT SUBJECT TO ANY FINANCING CONTINGENCY
    * TYMAN SHAREHOLDERS WILL OWN BETWEEN APPROXIMATELY 30% AND
32% OF
QUANEX, ON A FULLY DILUTED BASIS

Source text for Eikon:  ID:nGNX5Kn3Pq 
Further company coverage:  NX.N 

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