PPG Extends Tender Offer Period for Tikkurila
PPG announced that it is extending the tender offer period for all issued and outstanding shares of Tikkurila Oyj to May 11, 2021. The tender offer period, which commenced on January 15, 2021, was most recently scheduled to expire on April 14, 2021.
As previously announced, the European Commission and the Ministry of Economic Affairs and Employment of Finland each have granted approval of the tender offer. The European Commission’s merger control approval applies without conditions across the European Union, including Poland. In addition, the Agency for Protection and Development of Competition of the Republic of Kazakhstan has now granted approval of PPG’s acquisition of Tikkurila.
The completion of the tender offer remains subject to the receipt of regulatory approval from the Federal Antimonopoly Service of Russia, which PPG anticipates receiving within this extended period, and to additional customary conditions to completion, including the valid tender of shares representing, together with shares otherwise held by PPG and its subsidiaries, more than 66.7% of the outstanding shares of Tikkurila.
PPG will provide additional updates on or shortly after the extended tender offer period expires on May 11, 2021, and expects to close the acquisition shortly thereafter.
Additional details about the extension of the tender offer are contained in the Nasdaq Helsinki stock exchange release.
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.
Tikkurila was established in 1862, and is headquartered in Vantaa, Finland. Tikkurila operates in eleven countries and its 2,700 dedicated professionals share the joy of building a vivid future through surfaces that make a difference. The company is a leading producer and distributor of decorative paint and coatings with more than 80% of its revenue coming from Finland, Sweden, Russia, Poland, and the Baltic states. Its premium brands include Tikkurila, ALCRO, and Beckers. In addition, Tikkurila’s industrial paint business participates in the wood and protective coatings end-use segments, among others. The company employs approximately 2,700 people globally and reported sales of approximately EUR 582 million in 2020.
Mark Silvey – Corporate Communications – email@example.com – (412) 434-3046
Source: PPG Industries, Inc.