OM Group Announces Expiration Of "Go Shop" Period - Quick Facts

(RTTNews) - OM Group Inc. (OMG) announced the expiration of the 35-day "go shop" period pursuant to the terms of the merger agreement dated May 31, 2015 among the Company and funds managed by affiliates of Apollo Global Management, LLC (APO) and a wholly-owned subsidiary of Platform Specialty Products (PAH).

During the "go shop" period, the Company engaged in an active and extensive solicitation of 49 potentially interested parties (including 21 potential strategic buyers and 28 potential financial buyers), which resulted in five parties engaging in informal discussions with the Company or its advisors, and three parties negotiating and entering into confidentiality agreements with the Company and being provided information.

Prior to the expiration of the "go-shop" period, the Company's Board of Directors received a written "company takeover proposal."

The Company's Board of Directors determined that the party submitting the proposal is an "excluded party" under the Merger Agreement with which the Company may continue to negotiate following the end of the "go-shop" period. There can be no assurance that the proposal or any other alternative proposal will ultimately lead to a superior proposal, as negotiations with the excluded party could terminate at any time.

The Company's Board continues to recommend that the Company's shareholders adopt the Merger Agreement.

Last month, OM Group announced a definitive agreement to be acquired by funds managed by affiliates of Apollo Global Management, LLC for $34 per share in cash.

Further, Platform Specialty Products 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.