Switzerland’s Lonza completes tender offer for Arch Chemicals

17 October 2011 06:59  [Source: ICIS news]

SINGAPORE (ICIS)--Switzerland-based Lonza has completed its previously announced tender to acquire all the outstanding shares of US biocides producer Arch Chemicals for $47.20/share (€34/share), the fine chemicals and pharmaceuticals firm said on Monday.

The tender offer was extended to 14 October this year because certain conditions had not been met as of the previously scheduled expiration date of 30 September, the company said last month.

Lonza received clearance from the US Federal Trade Commission for an early termination of the waiting period which is “necessary for the consummation of the tender offer”, the company said in a statement.

“Lonza had already obtained [the] required antitrust clearances from the competition authorities in France and Germany,” it added.

Lonza will own more than 90% of the outstanding shares of Arch Chemicals' common stock once it completes the purchase as a result of the tenders, the Swiss firm said.

The company expects to complete the acquisition of Arch Chemicals through a “short-form merger” without a vote or meeting of  Arch Chemicals’ shareholders. 

After the completion of the merger, Lonza intends to delist Arch Chemicals from the New York Stock Exchange, the statement added.

Lonza announced the $1.4bn bid to acquire Arch Chemicals in July this year.

($1 = €0.72)

For more on Lonza, visit ICIS company intelligence

By: Tahir Ikram
+65 6780 4359

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