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Synthomer to acquire Omnova

OMNOVA to be acquired by Synthomer
BEACHWOOD, Ohio, July 3, 2019 /PRNewswire/ -- OMNOVA Solutions Inc. (NYSE: OMN) today announced that it has entered into a definitive agreement to be acquired by Synthomer plc, a United Kingdom-based specialty chemical company, for $10.15 per share in cash. 

OMNOVA Chief Executive Officer Anne Noonan said, "Today, we announced that we have entered into a definitive agreement under which Synthomer plc (LON: SYNT) will acquire all of the outstanding common shares of OMNOVA Solutions for $10.15 per share in an all-cash transaction.  The offer price represents a premium of 52% over OMNOVA's three-month weighted average share price of $6.67.  The transaction has been approved unanimously by the OMNOVA and Synthomer boards of directors.  We are pleased that Synthomer recognizes the hard work of our employees in executing our multi-year transformation into a leading global specialty solutions provider.  OMNOVA complements Synthomer culturally, geographically and by market, while Synthomer's financial position provides for a very strong combined company that will be well positioned to accelerate growth.  This transaction presents increased opportunities for the business and its employees to leverage the combined scale, grow more quickly and profitably, and enhance product innovation in ways that will benefit customers and employees," finished Noonan.

Completion of the transaction is subject to the satisfaction of certain customary closing conditions, including the receipt of regulatory approvals, and approval from Synthomer's and OMNOVA's shareholders.  The transaction is not contingent on obtaining financing and is expected to close in late 2019 or early 2020.

Morgan Stanley & Co. LLC is acting as exclusive financial advisor to OMNOVA Solutions and Jones Day is acting as its legal counsel.

OMNOVA Solutions Inc. is a global innovator of performance-enhancing chemistries and surfaces used in products for a variety of commercial, industrial and residential applications. As a strategic business-to-business supplier, OMNOVA provides The Science in Better Brands, with emulsion polymers, specialty chemicals, and functional and decorative surfaces that deliver critical performance attributes to top brand-name, end-use products sold around the world. OMNOVA's sales for the last twelve months ended May 31, 2019 were approximately $760 million. The Company has a global workforce of approximately 1,900. Visit OMNOVA Solutions on the internet at

About Synthomer
Synthomer is a top-five global supplier of emulsion and specialty polymers, producing innovative formulations to support customers in a range of industries, from construction through paints and coatings to healthcare.  With headquarters in London, the Group operates 25 production sites, four global R&D centers and has sales in all geographies.  Synthomer has a strong track record of organic growth and progress has been further underpinned by three bolt-on acquisitions since 2016.  The Group has approximately 2,900 employees and reported FY 2018 revenues of £1.6 billion ($2.1 billion USD).