Sydney, 29 June 2010: Clayton Utz is advising well-known Australian paint manufacturer Wattyl Limited on its proposed acquisition by major American coatings manufacturer The Valspar Corporation.
The transaction continues a trend of "agreed" deals that have been occurring in recent times. It demonstrates the relative certainty (of a recommendation) that Boards can achieve in approaching prospective targets with a willingness to pay a significant premium.
Under the proposed scheme of arrangement, Wattyl shareholders will receive A$1.67 per fully paid share, valuing the transaction at approximately A$142 million. Subject to obtaining the necessary approvals, Valspar should move to outright control of Wattyl by late September.