 | Rotterdam, The Netherlands – March 21, 2007 – Univar N.V. (Euronext Amsterdam: UNIVR), a world leader in chemical distribution, today announced that its US subsidiary, Univar USA, has entered into a revised agreement to acquire 100% of the shares of CHEMCENTRAL Corporation.
Univar originally announced on March 12, 2007, that its US subsidiary, Univar USA, had entered into an agreement to acquire CHEMCENTRAL for approximately USD 600 million. Subsequently, on March 19, 2007, Univar announced it had been notified by CHEMCENTRAL of a competing acquisition proposal by Brenntag Holding GmbH.
The revised merger agreement increases the purchase price to USD 650 million, prohibits CHEMCENTRAL from soliciting or considering other proposals to acquire the company, and requires CHEMCENTRAL to discontinue further acquisition discussions with Brenntag Holding GmbH, in addition to certain other changes.
In a separate agreement, certain senior officers and the Board of Directors of CHEMCENTRAL have committed to vote their shares in favor of a merger with Univar and against other proposals.
Completion of the merger is conditional upon receipt of regulatory approvals and approval by CHEMCENTRAL shareholders, and is expected to be closed in April 2007. |