Mergers & Acquisitions
January 26, 2022
Hexion Shareholders Approve Acquisition
Hexion shareholders approve acquisition by private equity firm January 26/2022 MOSCOW (MRC) — Hexion Holdings Corporation has announced that stockholders holding approximately 64.32% of the outstanding shares of common stock of the Company delivered to the Company written consents approving the proposed acquisition of the Company by affiliates of American Securities LLC, according to MorningStar.
Under and subject to the terms of the definitive merger agreement with affiliates of American Securities LLC, Hexion stockholders will be entitled to receive USD30.00 in cash for each share of common stock they own.
Hexion last month entered into a definitive agreement to be acquired by American Securities for USD2.06bn, including the assumption of around USD1.24bn in net debt, for a total enterprise value of around USD3.3bn.
The sale to American Securities, along with the earlier deal to sell its epoxy business to Westlake Chemical, concludes Hexion’s evaluation of strategic actions aimed at maximising shareholder value.
As MRC reported before, in July 2021, Hexion Inc., a major American manufacturer of phenol and bisphenol A (BPA), has recently announced that in order to help address climate change, it has committed to reduce absolute carbon emissions by 20% by 2030.
Asd in November,2021, Hexion Holdings Corporation announced that as a result of its ongoing strategic review it had entered into a definitive agreement to sell its epoxy-based Coatings and Composite businesses, which includes the epoxy speciality resins and base epoxy resins and intermediates product lines (together, the “Epoxy Business”) for approximately US1.2bn to Westlake Chemical Corporation.
Based in Columbus, Ohio, Hexion Inc. is a global leader in thermoset resins. Hexion Inc. serves the global adhesive, coatings, and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries.
http://www.mrcplast.com/news-news_open-398607.html
January 20, 2022
Casper Update
Casper Sleep Inc. Announces Stockholder Approval of Merger Agreement
Wed, January 19, 2022, 4:09 PM·6 min read
NEW YORK, January 19, 2022–(BUSINESS WIRE)–Casper Sleep Inc. (NYSE: CSPR) (“Casper” or the “Company”) announced that its stockholders voted today to adopt the Agreement and Plan of Merger (the “Merger Agreement”), whereby Casper will be acquired by certain subsidiaries of Durational Consumer SPV IV, LP (the “Durational Vehicle”), an investment vehicle managed by Durational Capital Management, LP. According to the preliminary results announced at Casper’s Special Meeting of Stockholders, approximately 69.5% of the vote represented by Casper’s outstanding stock were voted in favor of the Merger Agreement. The final voting results of the Special Meeting, as tabulated by an independent inspector of elections, will be filed as part of Form 8-K with the U.S. Securities and Exchange Commission.
Subject to the satisfaction of certain other closing conditions, the transaction is expected to close during the week of January 24, 2022. Upon closing the transaction, Casper will operate as a privately-held company and will remain based in New York.
About Casper
Casper believes everyone should sleep better. The Sleep Company has a full portfolio of obsessively engineered sleep products—including mattresses, pillows, bedding, and furniture designed in-house by the Company’s award-winning R&D team at Casper Labs. In addition to its e-commerce business, Casper owns and operates Sleep Shops across North America and its products are available at a growing list of retailers.
About Durational Capital Management, LP
Based in New York, Durational Capital Management, LP is an investment firm that invests in high quality consumer companies. Durational approaches its investments with a strategic mindset and focuses on driving long-term value creation through partnership with top tier management teams and actively supporting management to drive operational improvements. The firm was founded in 2017, and its investment professionals have extensive experience investing in the consumer sector. For more information, visit: www.durational.com.
https://finance.yahoo.com/news/casper-sleep-inc-announces-stockholder-210900258.html
January 20, 2022
Casper Update
Casper Sleep Inc. Announces Stockholder Approval of Merger Agreement
Wed, January 19, 2022, 4:09 PM·6 min read
NEW YORK, January 19, 2022–(BUSINESS WIRE)–Casper Sleep Inc. (NYSE: CSPR) (“Casper” or the “Company”) announced that its stockholders voted today to adopt the Agreement and Plan of Merger (the “Merger Agreement”), whereby Casper will be acquired by certain subsidiaries of Durational Consumer SPV IV, LP (the “Durational Vehicle”), an investment vehicle managed by Durational Capital Management, LP. According to the preliminary results announced at Casper’s Special Meeting of Stockholders, approximately 69.5% of the vote represented by Casper’s outstanding stock were voted in favor of the Merger Agreement. The final voting results of the Special Meeting, as tabulated by an independent inspector of elections, will be filed as part of Form 8-K with the U.S. Securities and Exchange Commission.
Subject to the satisfaction of certain other closing conditions, the transaction is expected to close during the week of January 24, 2022. Upon closing the transaction, Casper will operate as a privately-held company and will remain based in New York.
About Casper
Casper believes everyone should sleep better. The Sleep Company has a full portfolio of obsessively engineered sleep products—including mattresses, pillows, bedding, and furniture designed in-house by the Company’s award-winning R&D team at Casper Labs. In addition to its e-commerce business, Casper owns and operates Sleep Shops across North America and its products are available at a growing list of retailers.
About Durational Capital Management, LP
Based in New York, Durational Capital Management, LP is an investment firm that invests in high quality consumer companies. Durational approaches its investments with a strategic mindset and focuses on driving long-term value creation through partnership with top tier management teams and actively supporting management to drive operational improvements. The firm was founded in 2017, and its investment professionals have extensive experience investing in the consumer sector. For more information, visit: www.durational.com.
https://finance.yahoo.com/news/casper-sleep-inc-announces-stockholder-210900258.html
January 13, 2022
Perstorp Buys DMPA Business from Geo Specialty Chemicals
GRACE MATTHEWS ADVISES CPS PERFORMANCE MATERIALS ON THE SALE OF ITS DMPA® BUSINESS TO PERSTORP HOLDING AB 
MILWAUKEE (January 13, 2022) – GEO Specialty Chemicals, a subsidiary of CPS Performance Materials, announced that it has sold its Di-Methylolpropionic Acid (DMPA®) business to Perstorp Holding AB. CPS is a portfolio company of Arsenal Capital Partners. Grace Matthews served as financial advisor to CPS Performance Materials and Arsenal Capital Partners.
Di-Methylolpropionic Acid is an additive that enables a technology shift from solvent to waterborne formulations within the polyurethane dispersion and alkyd markets. The acquisition allows Perstorp to grow its position as a sustainable specialty solutions provider to these markets.
“Our strategy is to be the sustainable solutions provider within our focus segments, of which resins and coatings is one. Additives for waterborne resins and coatings technologies are a key area for future growth, and we see great potential in the market for Bis-MPA™ together with the acquired DMPA®. This acquisition will both allow further development of our offering and enable long term investments to safeguard future availability,” says Jan Secher, President and CEO of Perstorp Group.
“We are excited to have found a partner in Perstorp who is committed to supporting the growing demand for DMPA. CPS will continue to focus on building our core businesses and this transaction enables us to streamline our portfolio as we invest in a number of capacity and product expansions throughout the company,” says Jeremy Steinfink, CEO of CPS Performance Materials.
ABOUT CPS PERFORMANCE MATERIALS CPS Performance Materials is a diversified specialty chemicals manufacturer of coatings additives, pharmaceutical intermediates and APIs, chemical illumination solutions, performance polymers, and fine chemicals and intermediates. For more information visit www.cpsperformancematerials.com.
ABOUT PERSTORP HOLDING AB Perstorp, headquartered in Sweden, is a world leader in several specialty chemicals market segments including resins and coatings, engineered fluids and animal nutrition. Perstorp has over 1,400 employees and has manufacturing units in Europe, Asia, and North America. For more information, visit www.perstorp.com. _________________________________________
January 13, 2022
Perstorp Buys DMPA Business from Geo Specialty Chemicals
GRACE MATTHEWS ADVISES CPS PERFORMANCE MATERIALS ON THE SALE OF ITS DMPA® BUSINESS TO PERSTORP HOLDING AB MILWAUKEE (January 13, 2022) – GEO Specialty Chemicals, a subsidiary of CPS Performance Materials, announced that it has sold its Di-Methylolpropionic Acid (DMPA®) business to Perstorp Holding AB. CPS is a portfolio company of Arsenal Capital Partners. Grace Matthews served as financial advisor to CPS Performance Materials and Arsenal Capital Partners.
Di-Methylolpropionic Acid is an additive that enables a technology shift from solvent to waterborne formulations within the polyurethane dispersion and alkyd markets. The acquisition allows Perstorp to grow its position as a sustainable specialty solutions provider to these markets.
“Our strategy is to be the sustainable solutions provider within our focus segments, of which resins and coatings is one. Additives for waterborne resins and coatings technologies are a key area for future growth, and we see great potential in the market for Bis-MPA™ together with the acquired DMPA®. This acquisition will both allow further development of our offering and enable long term investments to safeguard future availability,” says Jan Secher, President and CEO of Perstorp Group.
“We are excited to have found a partner in Perstorp who is committed to supporting the growing demand for DMPA. CPS will continue to focus on building our core businesses and this transaction enables us to streamline our portfolio as we invest in a number of capacity and product expansions throughout the company,” says Jeremy Steinfink, CEO of CPS Performance Materials.
ABOUT CPS PERFORMANCE MATERIALS CPS Performance Materials is a diversified specialty chemicals manufacturer of coatings additives, pharmaceutical intermediates and APIs, chemical illumination solutions, performance polymers, and fine chemicals and intermediates. For more information visit www.cpsperformancematerials.com.
ABOUT PERSTORP HOLDING AB Perstorp, headquartered in Sweden, is a world leader in several specialty chemicals market segments including resins and coatings, engineered fluids and animal nutrition. Perstorp has over 1,400 employees and has manufacturing units in Europe, Asia, and North America. For more information, visit www.perstorp.com. _________________________________________
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