The proposed combination of AkzoNobel and Tikkurila would create a strong platform for future growth and better serve customers with more innovative and sustainable solutions that build on a common European heritage

The proposal includes a public offer in cash for all issued and outstanding shares of Tikkurila at an offer price of € 31.25 per share (“Potential Offer”) and a total capital value of approximately € 1.4 billion

This corresponds to a premium of 113% over the volume-weighted average share price of Tikkurila for the undisturbed three-month period ending December 17, 2020 and is 13% higher than the current offer dated Jan 5, 2021

“The natural combination of AkzoNobel and Tikkurila would build on centuries of industry experience and a shared European heritage to create significant value for customers, employees, shareholders and other stakeholders,” said Thierry Vanlancker, CEO of AkzoNobel. “By bringing together our premium Brands and leading portfolios give customers a wider range of innovative products and services, including the most sustainable solutions for paints and coatings ”

In order to gain approval for the combination and to ensure business security for Tikkurila and its shareholders, AkzoNobel has agreed important terms and conditions with Hempel for the sale of assets, including AkzoNobel’s decorative paint business in the Nordic and Baltic states, which will commence after Completion of the proposal proposed by AkzoNobel to complete public offer for Tikkurila

The Nordic culture and the strong presence of Tikkurila in Finland would be reflected in the future organization

Tikkurila’s main offices and manufacturing facilities in Finland would become a major hub for combined business in the Baltic Sea region and significant investments would be made in manufacturing facilities for future growth

Employees and management would benefit from new and exciting career and professional development opportunities in Finland and throughout the organization

AkzoNobel and Tikkurila share a shared approach to sustainability – it’s embedded in the way we work – and AkzoNobel is widely recognized as a leader in the paints and coatings industry. The deal would build on Tikkurila’s sustainable goal and continue to make a difference for all stakeholders, including local communities , cause

“Our complementary geographic profiles would create superior value compared to any other combination, including growth opportunities for the company and its employees,” said Vanlancker. “Our collective sourcing capabilities, expanded manufacturing and combined sales channels would add significant value to AkzoNobel and Tikkurila would have an exciting and sustainable future together and continue recent positive momentum and performance improvement as a global leader in the industry ”

The transaction is expected to generate earnings per share in 2022, is in line with AkzoNobel’s capital allocation priorities and will be funded using existing cash and credit lines. AkzoNobel will conduct its current share buyback program of $ 300 million Continue to EUR and maintain a target leverage ratio of 1-2x net debt / EBITDA

AkzoNobel Invites Tikkurila’s Board of Directors to begin negotiations to reach an agreement on a recommended voluntary public cash offer

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Tikkurila

World News – FI – AkzoNobel proposes to acquire Tikkurila for € 3125 per share

Source: https://www.coatingsworld.com/contents/view_breaking-news/2021-01-18/akzonobel-proposes-to-acquire-tikkurila-for-3125-per-share/