By Cameron Chai
Solutia, a provider of specialty chemicals and performance materials, has closed the acquisition of Southwall Technologies, a provider of energy-conserving glass products and films for the architectural and automotive markets.
Solutia funded the acquisition deal worth $113-million. Solutia closed the acquisition of Southwall Technologies on November 28 2011 through a merger of its subsidiary with Southwall, subsequent to the completion of a tender offer by Solutia to purchase all of Southwall Technologies’ outstanding shares of the common stock for a per share price of $13.60 in cash, with no interest and less any associated withholding taxes.
The tender offer ended on November 22 2011. Stockholders of Southwall Technologies who did not bid their stocks in the tender offer can get the same per share price of $13.60 in cash, with no interest and less any associated withholding taxes. Stockholders whose stocks were not authentically accepted and tendered for payment during the tender process will get a Letter of Transmittal and a Notice of Merger that will help them to get the merger consideration.
Solutia’s Chairman, President and Chief Executive Officer, Jeffry N. Quinn stated that this merger of advanced and proprietary capabilities of Southwall Technologies and market and commercial expertise of Solutia will allow Solutia to offer the future generation of sophisticated film solutions to the electronics and premium window film markets. This acquisition is in line with the company’s strategy to focus on growth-oriented markets and to develop growth prospects in the current businesses.