29 June 2010
Sydney, 29 June 2010: Clayton Utz is advising well-known Australian paint manufacturer Wattyl Limited on its proposed acquisition by major American coatings manufacturer The Valspar Corporation.
Clayton Utz national M&A practice head John Elliott is leading the firm's team advising Wattyl in its negotiations with Valspar.
Commenting on the deal, Mr Elliott said: "It continues a trend of "agreed" deals that have been occurring in recent times. This demonstrates the relative certainty (of a recommendation) that Boards can achieve in approaching prospective targets with a willingness to pay a significant premium."
Under the proposed scheme of arrangement, Wattyl shareholders will receive A$1.67 per fully paid share, valuing the transaction at approximately A$142 million. Subject to obtaining the necessary approvals, Valspar should move to outright control of Wattyl by late September.
