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