Bidder wants to grow Dyno's explosives

13 December 1999 00:00  [Source: ICB]

Dyno has received an offer of NKr206 ($25)/share in cash from Industri Kapital through a Norwegian limited company.

The offer values Dyno at NKr5.3bn a premium of 42% to the market before the offer was announced.

Dyno's board said the offer is 'satisfactory' and has recommended it. Industri Kapital said it plans to grow the company's explosives business and become a 'Norwegian based market leader' through organic growth and acquisition.

• In a separate deal, McWhorter Technologies has agreed with Dyno to acquire its European and North American coating resins interests.
  
  

Sales of the business were around $10m in 1998. The deal is expected to close in January next year and includes technology and customer information relating to Dyno's alkyd and saturated polyester products but excludes any significant plant assets or employees.

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