Lonza extends tender offer Arch Chemicals’ outstanding shares

Lonza extends tender offer for Arch Chemicals’ outstanding shares

1:19 PM, 11th August 2011
Lonza extends tender offer for Arch Chemicals’ outstanding shares

 

BASEL, SWITZERLAND: Lonza Group Ltd’s, LG Acquisition Corp, an indirect wholly owned subsidiary of Lonza, has extended the expiration date for its previously announced tender offer for 100 per cent of the outstanding shares of common stock of Arch Chemicals Inc. The tender offer is at a price of $47.20 per share in cash, without interest and less any required withholding taxes pursuant to a previously announced merger agreement, dated 11 July 2011, by and among Arch Chemicals, Lonza and LG Acquisition Corp.

The tender offer has been extended as certain conditions to the tender offer are not expected to be satisfied. In particular, the tender offer remains subject to receipt of certain regulatory clearances. Owing to this, the tender offer has been extended to 12 September 2011.

The tender offer may be further extended if required. The closing of the tender offer is subject to customary terms and conditions, including the tender of more than two-thirds of Arch Chemicals’ outstanding shares of common stock, the expiration or termination of the Hart-Scott-Rodino Antitrust Improvements Act waiting period and the consent of certain European-based antitrust regulatory authorities.

Lonza has been advised by BNY Mellon Shareowner Services, the depositary for the tender offer, that as of the close of business on 9 August 2011, shareholders of Arch Chemicals had validly tendered and not withdrawn approximately 7,378,999 shares and had instructed to be tendered under Arch Chemicals’ CEOP 401(k) plan an estimated 711,130 shares, together representing approximately 31.4 per cent of the outstanding shares of Arch Chemicals common stock.

(C) WOC News

 

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