Oct 24 (Reuters) - Chemicals company PolyOne Corp will buy Spartech Corp, which makes plastic sheet, compounds and packaging solutions, for about $250 million.
Spartech stockholders will receive $2.67 in cash and 0.3167 PolyOne shares for each share held.
Spartech stockholders will receive cash and stock valued at $8 per share based on PolyOne’s Tuesday close of $16.84. This represents a premium of 56 percent to Spartech’s Tuesday close on the New York Stock Exchange.
The deal is valued at $393 million, including the assumption of Spartech’s net debt of $142 million, the companies said.