ROTTERDAM, The Netherlands, March 21 /PRNewswire-FirstCall/ -- Univar
N.V. (Euronext Amsterdam: UNIVR), a world leader in chemical distribution,
today announced that its US subsidiary, Univar USA, has entered into a
revised agreement to acquire 100% of the shares of CHEMCENTRAL Corporation.
Univar originally announced on March 12, 2007, that its US subsidiary,
Univar USA, had entered into an agreement to acquire CHEMCENTRAL for
approximately USD 600 million. Subsequently, on March 19, 2007, Univar
announced it had been notified by CHEMCENTRAL of a competing acquisition
proposal by Brenntag Holding GmbH.
The revised merger agreement increases the purchase price to USD 650
million, prohibits CHEMCENTRAL from soliciting or considering other
proposals to acquire the company, and requires CHEMCENTRAL to discontinue
further acquisition discussions with Brenntag Holding GmbH, in addition to
certain other changes.
In a separate agreement, certain senior officers and the Board of
Directors of CHEMCENTRAL have committed to vote their shares in favor of a
merger with Univar and against other proposals.
Completion of the merger is conditional upon receipt of regulatory
approvals and approval by CHEMCENTRAL shareholders, and is expected to be
closed in April 2007.
Univar N.V. (Euronext Amsterdam: UNIVR) is one of the world's leading
independent distributors of industrial chemicals and providers of related
specialty services, operating throughout North America and Europe. Univar
endeavors to service its customer base, made up of some 250,000 industrial
customers, with a full portfolio of products. The majority are commodities
that the company buys in bulk, then processes, blends and repacks to meet
the diverse requirements of the industries we serve. Others are
specialties-purchased pre-packaged and sold on a technical basis, usually
under a manufacturer's own brand. As well as differentiating ourselves
through our vast product offering, Univar also provides a number of related
services, both to its customers and suppliers, such as blending, managing
customer inventories, packaging, labeling, warehouse management, waste
management, technical support and managing vendor reduction programs.
Univar operates a network of 160 distribution centers, located throughout
the United States, Canada and 18 European countries. In 2006, Univar
generated net sales of USD 6.6 billion and operating income (EBIT) of USD
238.6 million. Univar has approximately 6,900 employees based throughout
North America and Europe. The company's registered office is in Rotterdam,
the Netherlands, with administrative support offices in Bellevue,
Washington, USA, and Bradford, England, UK. For more information, visit: