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Recommended cash offer for Umeco

By BFN News | 09:40 AM | Thursday 12 April, 2012


The boards of Umeco and Cytec Industries are pleased to announce that they have reached agreement on the terms of a recommended cash offer by Cytec UK Holdings, a wholly�€?owned subsidiary of Cytec, for the entire issued and to be issued share capital of Umeco. It is intended that the Acquisition will be effected by way of a Court-sanctioned scheme of arrangement of Umeco under Part 26 of the Companies Act 2006. Under the terms of the Acquisition, Umeco Shareholders will be entitled to receive 550 pence in cash for each Umeco Share held at the Reduction Record Time, valuing the entire issued and to be issued share capital of Umeco at approximately £274 million. At 9:40am: (LON:UMC) UMECO share price was +174.5p at 550.5p Story provided by StockMarketWire.com