Beachwood, Ohio – Shareholders of Omnova Solutions Inc. have approved the agreement that will see London-based Synthomer plc acquiring all of the company's outstanding common shares.
Based in Beachwood, Omnova is a manufacturer of emulsion polymers, speciality chemicals, and functional surfaces. The company’s annual sales is approximately $760 million (€680 million).
Post-acquisition Omnova shareholders will receive $10.15 a share for each share they own, according to a company news release.
Omnova shareholders, according to Anne Noonan, Omnova CEO and president of the US company, have overwhelmingly supported the pending merger with Synthomer.
"The combined company will have an expanded global platform and portfolio to serve customers, greater supply chain and manufacturing scale to more efficiently produce and distribute products,” she added.
The deal is subject to customary closing conditions, although the boards of Omnova and Synthomer have already approved it.