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Wattyl acquisition on table

Wattyl acquisition on table

Clayton Utz is advising Australian paint manufacturer Wattyl Limited on a proposed acquisition by major American coatings manufacturer Valspar Corporation.National mergers & acquisitions…

Clayton Utz is advising Australian paint manufacturer Wattyl Limited on a proposed acquisition by major American coatings manufacturer Valspar Corporation.

National mergers & acquisitions practice head John Elliott is leading the team advising Wattyl in its negotiations with Valspar.

"It continues a trend of 'agreed' deals that have been occurring in recent times," said Elliott.

"This demonstrates the relative certainty (of a recommendation) that Boards can achieve in approaching prospective targets with a willingness to pay a significant premium."

Under the proposed scheme, Wattyl shareholders would receive $1.67 per fully paid share, which values the transaction at approximately $142 million.

Subject to obtaining all of the necessary approvals, it is anticipated that Valspar will move towards outright control of Wattyl by late September this year.

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