Quanex Building Products Corporation (NYSE: NX) has announced the approval of its acquisition of Tyman PLC (LSE: TYMN) by both companies' shareholders. Upon the closing of the transaction, Tyman shareholders will receive either a mix of 240.0 pence in cash and 0.05715 shares of Quanex common stock for each Tyman share, or a capped all-share alternative of 0.14288 shares of Quanex common stock per Tyman share. Additionally, Tyman shareholders will receive a special dividend of 15 pence in cash. After the transaction's close and subject to the elections made by Tyman shareholders, they will own approximately 30-32% of Quanex on a fully diluted basis.
The acquisition is expected to close in August of this year, subject to the satisfaction of customary closing conditions.
Quanex is a global manufacturer that collaborates with leading OEMs to provide solutions in various markets, including window, door, vinyl fencing, solar, refrigeration, and cabinetry. The company plans to leverage its material science expertise and process engineering to expand into adjacent markets.
Tyman, on the other hand, is a leading international supplier of engineered fenestration components and access solutions to the construction industry. The group's portfolio of leading brands serves their markets through three regional divisions (North America, UK, Ireland, and Europe) and covers all aspects of the hardware and sealing solutions required for doors and windows, as well as a full suite of solutions for roof, wall, and floor access in residential and commercial buildings. The market has reacted to these announcements by moving the company's shares 1.5% to a price of $27.89. If you want to know more, read the company's complete 8-K report here.
