Lonza extends tender offer for Arch Chemicals
Offer needs antitrust clearances from France and the US
Lonza Group has extended the expiration date for its tender offer for Arch Chemicals.
The Swiss chemicals supplier said its subsidiary LG Acquisition Corp had extended the tender offer of US$47.20 for each share to 30 September because ‘certain conditions to the tender offer are not expected to be satisfied as of the previously scheduled expiration date’.
The tender offer still needs antitrust clearances from the competition authorities in France and the US. The Federal Cartel Office in Germany cleared the deal on 9 September.
Lonza said the French and US competition authorities could request additional information or take other action in the future that could delay the clearance process. Arch Chemicals has agreed to the extension.
The closing of the tender offer is subject to customary terms and conditions, including antitrust clearances and the tender of more than two-thirds of Arch Chemicals’ outstanding shares of common stock.
As at the close of business on 9 September, Arch Chemicals’ shareholders had tendered approximately 10,498,320 shares and had instructed an estimated 741,055 shares to be tendered, which together represent approximately 44.2% of the outstanding shares of Arch Chemicals’ common stock.
Arch Chemicals is a global biocides company providing systems to destroy or selectively inhibit the growth of harmful micro-organisms. The US firm operates in four main segments of water products, wood protection, personal care actives and industrial biocides.