UK's Tyman to be bought by US-based Quanex in $976 mln deal (updated)

Tyman

22/04/2024 07:36

(Adds details of the deal in paragraphs 2-5)
       April 22 (Reuters) - Doors and windows supplier Tyman
 TYMN.L  will be bought by U.S. company Quanex Building Products
 NX.N  in a cash and share deal that values the British firm at
about 788 million pounds ($975.6 million), the companies said on
Monday.
    Under the terms of the deal, Tyman shareholders will get 240
pence in cash and 0.05715 of a new Quanex share for each Tyman
share held.
    The main offer comprises about 60% by value in cash and the
rest in new Quanex shares, while an alternative offer gives the
option to get the consideration at a ratio of 0.14288 of a new
Quanex share to every one Tyman share held. 
    The companies said Tyman will become a wholly-owned unit of
Quanex following the completion of the transaction.
    Quanex and Tyman directors intend to unanimously recommend
their shareholders to vote in favour of the proposed deal.    
 
 ($1 = 0.8077 pounds)

 (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Savio D'Souza and Subhranshu Sahu)
 ((abyjose.koilparambil@thomsonreuters.com))