Revolymer purchase/placement

(ShareCast News) - Shares in AIM-listed Revolymer jumped on Tuesday after the company said it had agreed a merger deal to buy Itaconix Corporation, a privately-owned US business based in New Hampshire for an initial $7m (£4.9 million).The deal is $3m in cash and $4m in new shares, plus up to $6m in deferred performance-related payment in new shares, the company added.Revolymer said it would place the new shares at around 37p each with the cash used to fund the deal and provide operational funds for the combined business.Itaconix is a high-growth specialty polymer company that develops and commercialises novel polymers based on its proprietary, commercially-proven and low production cost itaconic acid polymerization technology, Revolymer said."The directors believe that Itaconix's product offering is complementary to Revolymer's own product lines, with differentiated functionality and high customer value in Revolymer's target markets," Revolymer said in a statement.Revolymer shares were up 3.73% to 38.9p at 1040 BST.