CORRECTED-UPDATE 2-US chemicals maker Platform Specialty to buy Alent for $2.1 bln

Mon Jul 13, 2015 6:17am EDT
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(Correct Platform's unit name in paragraph 6 to MacDermid from McDermid)

* 503p/shr offer at 49 pct premium

* Including debt, deal is valued at $2.3 bln

* Alent shares up 45 pct, top FTSE midcap gainer

July 13 (Reuters) - U.S. chemicals maker Platform Specialty Products Corp said it would buy UK's Alent Plc for about 1.35 billion pounds ($2.09 billion) in cash to expand its portfolio and save costs, sending shares of Alent to their highest on record.

The British chemicals maker's shares rose 45 percent to an all-time high on the London Stock Exchange. The stock was the top gainer on the FTSE-250 Midcap Index.

The 503-pence-per-share offer from Platform Specialty is at a 49 percent premium to Alent's closing price on Friday. Including debt, the deal is worth about $2.3 billion, the companies said.

The deal, Platform's eighth in the last three years, is expected to help the combined entity save about $50 million in costs annually before tax.

Platform most recently bought OM Group Inc's industrial chemicals unit in June.   Continued...