UPDATE 3-US chemicals maker Platform Specialty to buy Alent for $2.1 bln

Mon Jul 13, 2015 8:48am EDT
 
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* 503p/shr offer at 49 pct premium

* Including debt, deal is valued at $2.3 bln

* Alent shares up 44 pct at record high, top FTSE midcap gainer (Adds detail on Platorm, recasts lead, updates shares)

July 13 (Reuters) - U.S. chemicals maker Platform Specialty Products Corp said it would buy Britain's Alent Plc for about 1.35 billion pounds ($2.09 billion) in cash to expand the range of chemicals it makes for the electronics and automotive sector.

Platform, which was set up by Martin Franklin in 2013 to buy specialty chemicals companies, said Alent would be will be integrated into its MacDermid division, with which it competes.

Alent, formerly Cookson Group's performance materials unit before it was spun off in 2012, and MacDermid make chemicals used to coat parts during the assembly of phones and cars.

The British chemicals maker's shares rose 44 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 is expected to help the combined entity save about $50 million in costs annually before tax.   Continued...