Listed on the ASX is Wattyl (WYL), which is an Australian paint and coating business, and with operations spanning across Australia and New Zealand.
WYL recently received a takeover offer from US-based The Valspar Corporation, which valued the company at approximately $142 million.
Under the terms of the offer, WYL shareholders will receive $1.67 cash per share, which is a 30% premium to Vaspar’s original $1.30 proposal on 25 May.
WYL has recommended the deal to its shareholders, which is also subject to foreign investment approval.
WYL was one of the hot stocks in the ASX, after skyrocketing almost 30% on the day of the announcement.