MOSCOW (MRC) -- A. Schulman has announced that during a special stockholder meeting its stockholders approved the merger agreement, under which LyondellBasell Industries will acquire all of the outstanding shares of A. Schulman common stock, as per CNBC.
A. Schulman stockholders also approved the non-binding advisory proposal regarding executive compensation related to the merger.
"A. Schulman shareholders have solidly affirmed the value that the Company’s merger with LyondellBasell represents. This outcome serves the best interests of all our stakeholders including our customers, suppliers, employees and the communities in which we operate," stated Joseph M. Gingo, chairman, president and chief executive officer of A. Schulman.
Upon completion of the merger, A. Schulman stockholders will be entitled to receive USD42.00 in cash and one contingent value right for each share of A. Schulman’s common stock.
The closing of the merger remains subject to the satisfaction of customary closing conditions, including approvals from competition agencies in each of the European Union and Russia as well as CFIUS approval. A. Schulman and LyondellBasell continue to target closing the transaction in the third calendar quarter of 2018; however, there can be no assurance regarding timing of completion of regulatory approvals, which could delay timing of the closing.
As MRC informed previously, in the second half of May 2018, LyondellBasell, one of the largest plastics, chemicals and refining companies in the world, announced that it has received unconditional clearance from the Chinese State Administration of Market Regulation (SAMR) for its pending acquisition of A. Schulman.
A. Schulman, Inc. is a leading international supplier of high-performance plastic compounds, composites and resins headquartered in Akron, Ohio. Since 1928, the company has been providing innovative solutions to meet its customers' demanding requirements. The company's customers span a wide range of markets such as packaging, mobility, building & construction, electronics & electrical, agriculture, personal care & hygiene, sports, leisure & home, custom services and others. The company employs approximately 5,200 people and has 54 manufacturing facilities globally. A. Schulman reported net sales of approximately USD2.5 billion for the fiscal year ended August 31, 2017.
LyondellBasell is one of the world's largest plastics, chemical and refining companies and a member of the S&P 500. LyondellBasell manufactures products at 55 sites in 17 countries. LyondellBasell is also a leading licensor of polypropylene and polyethylene technologies. The more than 250 polyolefin process licenses granted by LyondellBasell are twice that of any other polyolefin technology licensor.
MRC