Corporate Action: Recommend Vote in Favour of Nippon’s Scheme of Arrangement To Acquire Dulux
We recommend shareholders vote in favour of Nippon Paint Holdings Co’s, or Nippon’s, all cash takeover offer of AUD 9.80 per share to acquire 100% of narrow-moat DuluxGroup’s outstanding shares. The deal appears generous and represents a 28% premium to Dulux’s closing price on April 16, 2019. We fully anticipate Nippon will be successful given the substantial deal premium and a relative absence of anti-trust or funding issues that could stymie the proposal. Therefore, we raise our fair value est...DuluxGroup is engaged in the manufacture, marketing, manufacture, marketing, sale and distribution of branded paint, coatings, adhesives, garden care and other building products to the residential home improvement, commercial and infrastructure markets across Australia, New Zealand and Papua New Guinea, China, South East Asia and the U.K. Co. supplies paints and coatings under the Dulux brand; consumer and construction products under the Selleys and Parchem brands; cabinet and architectural hardware under the Blum, Hera, SecureView, Assa Abloy and Breezway brands; and Yates garden care and home improvement products.
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