PPG Completes Purchases From Certain Major Tikkurila Shareholders
PPG announced that on Feb. 5, 2021 it completed the purchase of shares in Tikkurila held by Varma Mutual Pension Insurance Company, Mandatum Life Insurance Company Limited and Kaleva Mutual Insurance Company. These shares represent, in the aggregate, approximately 9.32% of the shares in Tikkurila. PPG completed the purchases at the tender offer price of €34 per share for a combined purchase price of approximately €140 million.
As announced Feb. 4, 2021, in connection with PPG’s improved tender offer, Tikkurila’s largest shareholder, Oras Invest Oyj, which holds approximately 20.01% of the shares in Tikkurila, has also unconditionally agreed to sell all of its shares in Tikkurila to PPG upon PPG’s receipt of the necessary regulatory approvals. Additionally, Oras has agreed to an unconditional irrevocable undertaking to accept PPG’s improved tender offer. The shares held by Oras combined with those purchased by PPG in the transactions detailed above, represent approximately 29.34% of the shares of Tikkurila.
PPG’s tender offer for all of the issued and outstanding shares of Tikkurila began on January 15, 2021 and is expected to expire on March 15, 2021 unless extended by PPG. PPG expects the transaction to close as early as March or early in the second quarter of 2021, subject to customary closing conditions.
About PPG Industries
At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and materials that our customers have trusted for more than 135 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $13.8 billion in 2020. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.
Mark Silvey – Corporate Communications – firstname.lastname@example.org – (412) 434-3046
Source: PPG Industries, Inc