July 3, 2019 / 6:32 AM / 14 days ago

Synthomer to buy Omnova in $824 mln deal

July 3 (Reuters) - Polymer maker and supplier Synthomer Plc said on Wednesday it has agreed to buy U.S.-based Omnova Solutions Inc for an enterprise value of $824 million as it looks to strengthen its global position.

Synthomer is offering Omnova $10.15 for each share, a premium of 58% to Omnova closing price on Tuesday.

It is targeting an annual pre-tax cost savings of $29.6 million by the end of the third year after the deal is completed. (Reporting by Ismail Shakil in Bengaluru; Editing by Arun Koyyur)

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