29 Jun 2010

Clayton Utz advises on Wattyl acquisition

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.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.