UK private equity firm Charterhouse has received two offers for portfolio company Lucite, the world’s largest maker of Acrylic-based products. The unsolicited takeover bids are believed to value the business at over US$2bn.
Japanese trade rival Mitsubishi Rayon and a Saudi consortium comprising private investors and Sipchem, the Saudi International Petrochemical Company, are behind the approaches reports the Financial Times.
It is understood that Charterhouse had planned to wait until early next year before exiting UK-headquartered Lucite as it is due to open a new facility in Singapore which has technology which is lower cost than that currently used by Acrylic-manufacturers.
However, the two offers came ahead of the beginning of a sale process with the intention of pre-empting it.
Charterhouse has owned Lucite since 1999.
The company has a 25% share of the world’s acrylic market and generates ebitda of £114m on revenues of £849m.
Source: Thomson Merger News