Akzo Nobel makes offer to acquire Sico, a Canadian coatings company
Active in the architectural coatings market for more than 65 years and headquartered in Quebec City, Canada, Sico Inc. develops, manufactures and markets architectural paints. The company employs around 1,000 people in Canada, the U.S. and Mexico and achieved record sales in 2005 of CAD 312 million.
The total price on a fully diluted basis is CAD 295 million (EUR 211 million) representing 9 times EBITDA of Sico in 2005. This amount will include preferred shares which Akzo Nobel will acquire at par value as well as other net debt. Akzo Nobel's offer to acquire Sico is subject to various regulatory approvals and acceptance by shareholders representing 66 percent of the outstanding Sico common shares. Akzo Nobel has the necessary funds to finance the all-cash offer, which will be open for a period of 35 days.
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