OM Group Agrees To Be Acquired By Apollo Affiliated Funds

(RTTNews) - Diversified industrial company OM Group, Inc. (OMG) Monday announced a definitive agreement to be acquired by funds managed by affiliates of Apollo Global Management, LLC (APO) for $34 per share in cash. The purchase price represents a premium of approximately 28% over OM Group's closing share price on May 29, 2015.

Following the transactions, the Apollo Funds will own OM Group's Magnetic Technologies, Battery Technologies and Advanced Organics businesses.

Further, Platform Specialty Products (PAH) will acquire OM Group's Electronic Chemicals and Photomasks businesses from the Apollo Funds in two separate transactions for total cash consideration of $365 million. Platform expects the combination to result synergy of more than $20 million over the next two years.

The acquisition of OM Group is expected to be completed by the end of 2015. The merger agreement includes a 'go-shop' period, during which the Board will actively solicit, receive, evaluate and potentially enter into negotiations for offer alternative proposals.