Brenntag terminates Univar Solutions takeover discussions
Jan. 02, 2023 8:08 PM ETUnivar Solutions Inc. (UNVR), BNTGFBy: Joshua Fineman, SA News Editor1 Comment
- Brenntag SE (OTCPK:BNTGF) ended preliminary talks to acquire rival chemical distributor Univar Solutions Inc. (NYSE:UNVR)
- Brenntag (OTCPK:BNTGF) said it decided that it's no longer proceeding with discussions to purchase Univar (UNVR), Brenntag said in a statement earlier Monday.
- The update comes after Brenntag (OTCPK:BNTGF) on Nov. 25 confirmed that it was in talks with Univar (UNVR). In late November activist Engine Capital, which disclosed it had a ~1% stake in Univar, said the company should start a competitive sales process that invites additional parties to bid for Univar.
- Engine Capital highlighted a letter it sent to Univar's board in October and estimated that Univar (UNVR) may be worth $38-$44/share in a takeover.