Umeco shareholders back £274m takeover deal
SHAREHOLDERS in Warwickshire-based advanced composites group Umeco have given their overwhelming support to plans to sell the business to US firm Cytec Holdings in a deal worth £274m.
A general meeting of shareholders voted 99.96% in favour of the deal, which was announced in April.
Subject to competition requirements being met, the deal is expected to complete on July 20 and July 23 will mark the cancellation of Umeco’s shares on the Alternative Investment Market.
The acquisition will be funded using Cytec existing cash resources and made through holding company Cytec Bidco.
Cytec UK, based in Wrexham, is part of the New Jersey-headquartered Cytec group which is a global player in the speciality chemicals and materials sector.
Cytec’s products serve a diverse range of end markets including aerospace composites, structural adhesives, automotive and industrial coatings, electronics, inks, mining and plastics.
It has manufacturing and research facilities located in 14 countries and a market cap of US$2.6bn.
Barclays is acting exclusively for Cytec and Cytec Bidco, with N.M. Rothschild & Sons and Investec acting for Umeco.
