Quanex to buy Tyman in £788m deal

(Sharecast News) - Tyman said on Monday that it has agreed to be bought by US metal window and door manufacturer Quanex in a £788m cash and stock deal. Under the terms of the acquisition, Quanex will pay 240p per share in cash and 0.05715 of a new Quanex share.

The price represents a premium of around 35.1% to the closing share price on Friday.

Nicky Hartery, non-executive chair of Tyman, said: "This transformative and complementary transaction will strengthen the enlarged business for the benefit of all our customers, employees and other stakeholders.

"In the context of a rapidly evolving North American marketplace, our board ultimately determined that this transaction is the best path to maximising value for Tyman shareholders, who will be able to realise a meaningful portion of their holding in cash at a significant premium to the prevailing share price while also participating in the future upside of the enlarged group.

"Today marks the beginning of an exciting next chapter for Tyman and our talented employees, and we look forward to joining with Quanex to deliver future growth and success."