Carlyle courts US specialty chem producer Sequa

09 July 2007 16:00  [Source: ICIS news]

HOUSTON (ICIS news)--US equity firm The Carlyle Group plans to acquire manufacturer Sequa for $2.7bn (€2bn), the company said on Monday.

One of Sequa's divisions makes specialty chemicals.

Carlyle's offer comes to $175/share, a premium of 54% over Sequa's share value on 6 July.

Under the terms of the merger agreement, Sequa can solicit acquisition proposals until 23 August, Carlyle said. If approved by Sequa's shareholders, the deal should close in the fourth quarter.

Carlyle is financing the acquisition through external debt financing and equity contributed by investment funds affiliated with the group.

($1 = €0.73)

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Author: Al Greenwood
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