InsideArbitrage Potential Deal: According to Bloomberg, Brenntag Explores Takeover of Univar (UNVR)

POTENTIAL DEAL DETAILS

Germany’s Brenntag SE is exploring a potential acquisition of US rival Univar Solutions Inc. (UNVR) that would cement its position as the world’s biggest chemical distributor and create a company with more than $30 billion in sales, people familiar with the matter said.

Update(s):

November 30, 2022: Engine Capital sends a letter to the board of directors of Univar regarding the need to initiate a formal review of strategic alternatives.

December 20, 2022: Activist investor PrimeStone has urged German chemicals distributor Brenntag to end talks with potential takeover target Univar Solutions and instead buy back shares and prepare for a break-up into two separate companies.

January 2, 2023: German chemicals distributor Brenntag said on it is ending talks with smaller U.S. rival Univar Solutions (UNVR) on a possible takeover, weeks after activist investor PrimeStone called on the company to consider a break-up instead.

January 11, 2023: According to Bloomberg, Univar Solutions (UNVR) has attracted interest from potential bidders including Apollo Global Management (APO) and Platinum Equity, people familiar with the matter said.

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