Windows and doors components maker Tyman PLC on Friday said investors stand to receive a special dividend as part of a revised takeover offer, to rally support from shareholders.
In April, London-based Tyman announced that it agreed to a £788 million takeover from US peer Quanex Building Products Corp.
The offer comprises approximately 60% in cash and 40% value in New Quanex Shares. Tyman investors will receive 240p in cash for every share held, plus 0.05715 of a Quanex share.
Tyman shares were up 1.9% to 357.20 pence each in London on Friday morning.
Following this agreement, concerns relating to the decline of Quanex share price and the adverse movement in the dollar to pound exchange rates brought about discussions between the board’s of both companies.
In light of this, the duo announced that a revised proposal has been put forward in an attempt to address such concerns.
The revised proposal will see Tyman shareholders receive a special interim dividend of 15 pence per share to increase the cash value received.
Quanex said this represents the final offer which will not be increased. Although, Quanex reserves the right to increase the offer price if a third-party offerer makes a tilt.
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