Univar Solutions (NYSE:UNVR) fell 1.1% after Brenntag (OTCPK:BNTGF) on Monday said it ended preliminary talks to acquire rival chemical distributor.
Univar (UNVR) confirmed that Brenntag had ended the discussions, according to a statement late Monday. Univar indicated that it will continue talks relating to other indications of interest that have been received with respect to a potential transaction.
The update comes after Brenntag (OTCPK:BNTGF) on Nov. 25 confirmed that it was in talks with Univar (UNVR). In late November activist Engine Capital, which disclosed it had a ~1% stake in Univar, said the company should start a competitive sales process that invites additional parties to bid for Univar.
Engine Capital highlighted a letter it sent to Univar’s board in October and estimated that Univar (UNVR) may be worth $38-$44/share in a takeover.
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Univar (UNVR) is said to have received takeover interest from multiple strategic buyers valuing the company at around $40/share, according to a Street Insider report, which cited unidentified sources. One potential buyer is said to be an unnamed “large” multinational chemical provider.
A Credit Suisse analyst late last month wrote that Univar (NYSE:UNVR) may worth ~$40/share in a potential takeover by Brenntag.
Source: Seeking Alpha