Quanex makes increased final offer for Tyman

28th Jun 2024 07:19

(Sharecast News) - Quanex Building Products has announced a revised and final proposal for its acquisition of Tyman, increasing the cash component of the deal.

The adjustment followed feedback from Tyman shareholders concerning fluctuations in Quanex's share price and adverse currency exchange movements since the initial offer was made on 22 April.

Under the revised terms, Tyman shareholders would receive a special interim dividend of 15p per share in addition to the previously-announced consideration of 240p and 0.05715 of a new Quanex share for each Tyman share.

The company said the offer would not be increased unless a competing bid for Tyman was announced.

The transaction, structured as a scheme of arrangement under the Companies Act, remained subject to the terms and conditions outlined in the original scheme document.

At 0832 BST, shares in Tyman were up 2.85% at 360.5p.

Reporting by Josh White for Sharecast.com.