Quanex Building Products Corporation (NYSE: NX) has announced that shareholders of both Quanex and Tyman plc (LSE: TYMN) have approved Quanex’s proposed acquisition of Tyman. This acquisition will create a comprehensive solutions provider in the building products industry.
George Wilson, Chairman, President, and Chief Executive Officer of Quanex, expressed gratitude to the shareholders for their support and emphasized the company’s commitment to delivering value to customers, employees, and shareholders. Quanex is actively preparing for the integration of the two companies and looks forward to collaborating with the talented team at Tyman after the transaction is closed.
Under the terms of the acquisition, Tyman shareholders will receive a mix of 240.0 pence in cash and 0.05715 shares of Quanex common stock for each Tyman share. Alternatively, they can choose a Capped All-Share Alternative of 0.14288 shares of Quanex common stock per Tyman share. If more than 25% of the outstanding Tyman shares elect to receive the Capped All-Share Alternative, it will be subject to proration. Additionally, Tyman shareholders will receive a Special Dividend of 15 pence in cash upon the closing of the transaction.
The transaction is expected to close in August of this year, subject to customary closing conditions. Upon closing, and based on the elections made by Tyman shareholders, they will own approximately 30-32% of Quanex on a fully diluted basis.
Quanex is a global manufacturer with core capabilities in various end markets, including windows, doors, vinyl fencing, solar, refrigeration, and cabinetry. The company collaborates with leading OEMs to provide innovative solutions. Quanex plans to leverage its material science expertise and process engineering to expand into adjacent markets.
Tyman is a leading international supplier of engineered fenestration components and access solutions to the construction industry. The company designs and manufactures products that enhance the comfort, sustainability, security, safety, and aesthetics of residential homes and commercial buildings. Tyman’s portfolio of leading brands serves markets across North America, the UK, Ireland, and Europe.
The acquisition of Tyman by Quanex remains subject to regulatory approvals and other customary closing conditions.