22 November 2011 14:28 [Source: ICIS news]
LONDON (ICIS)--Mexichem has made an unsolicited bid for polyvinyl chloride (PVC) pipe maker Wavin, officials from the Dutch company said on Tuesday.
Mexichem submitted an “unsolicited indicative non-binding proposal” to acquire all of Wavin’s outstanding shares, Wavin said in a statement that did not disclose financial details.
Wavin’s share price was up by 61% to €6.37/share ($8.61/share) on Amsterdam's Euronext stock exchange at 14:00 hours Amsterdam time.
Wavin said it would “carefully consider” Mexichem’s proposal and added that it had hired Bank of America Merrill Lynch as a financial advisor.
Wavin is a supplier of plastic pipe systems. It has 18 manufacturing site in Europe and one in ?xml:namespace>
($1 = €0.74)
For more on Mexichem and other producers, visit ICIS company intelligence
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