TOP NEWS: Tyman accepts GBP788 million cash and shares bid from Quanex

(Alliance News) - Tyman PLC on Monday agreed to a GBP788 million takeover offer from US peer Quanex Building Products Corp.

The cash and shares bid values each Tyman share at 400 pence each, based on the Quanex closing share price of USD34.64 on Friday in New York.

Shares in Tyman, a London-based supplier of window and door components to the construction industry, soared 29% to 381.00 pence at the London open on Monday.

For every Tyman share held, investors will receive 240p cash plus 0.05715 of a Quanex share.

Some Tyman shareholders will be able to elect an all-share option worth 0.14288 of a Quanex share for every one held in Tyman. The all-share alternative will be capped at 25% of Tyman shares.

Quanex, a Houston, Texas-based metal window and door manufacturing company, said Teleios Global Opportunities Master Fund, acting for 16.4% of Tyman shares, is supporting the bid.

Tyman said all directors, who hold shares in the firm, also back the offer, representing 0.23% of share capital.

Tyman Non-Executive Chair Nicky Hartery said: "In the context of a rapidly evolving North American marketplace, our board ultimately determined that this transaction is the best path to maximising value for Tyman shareholders, who will be able to realise a meaningful portion of their holding in cash at a significant premium to the prevailing share price while also participating in the future upside of the enlarged group."

It is expected that deal will be implemented by way of a court-sanctioned scheme of arrangement, with completion likely in the second half of 2024.

Tyman shareholders will continue to be entitled to receive the final dividend of 9.5p announced on March 7.

By Jeremy Cutler, Alliance News reporter

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