Synthomer unveils £204 rights offer for US growth plans

London fotolia
By Aidan Gregory
03 Jul 2019

Shares in Synthomer, the UK producer of aqueous polymers, closed 1.3% higher on Wednesday after the company announced a £204m rights issue to finance its expansion in the US.

In a statement, Synthomer said it had struck a deal with Ohio-based Omnova Solutions to acquire the company for an enterprise value of £654m ($824m) — around 9.9 times its May 2019 adjusted Ebitda.

At the offer price of $10.5 a share, Synthomer will pay a ...

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