13 September 2011 20:32 [Source: ICIS news]
LONDON (ICIS)--Solvay has decided to “squeeze out” remaining stakeholders who did not tender shares or convertible bonds as part of its takeover of Rhodia, the Belgian chemicals producer said on Tuesday.
Solvay said respective Rhodia shareholders will receive a cash payment of €31.60/share, corresponding to the price Solvay paid for shares that were tendered.
Meanwhile, the remaining holders of Rhodia’s convertible bonds - known as OCEANEs – will be squeezed out at a price of €52.35/OCEANE, Solvay said.
Rhodia shares and the OCEANEs will be delisted from trading on French financial markets on 16 September, the date on which the squeeze-out will be implemented, Solvay said.
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