CLEVELAND, NEW YORK and
WEST PALM BEACH, Fla.,
Oct. 28, 2015 /PRNewswire/ -- OM
Group, Inc. (NYSE: OMG) ("OM Group") today announced the successful
completion of its agreement to be acquired by funds (the "Apollo
Funds") managed by affiliates of Apollo Global Management, LLC
(together with its consolidated subsidiaries, "Apollo") (NYSE:
APO), in partnership with an affiliate of Platform Specialty
Products Corporation (NYSE: PAH) ("Platform").
On June 1, 2015, OM Group, the Apollo Funds and
Platform announced that they had entered into a merger agreement
whereby OM Group stockholders were entitled to
receive $34.00 per share in cash, representing a 28%
premium above OM Group's closing share price on May
29, 2015, the last trading day prior to the announcement of the
merger.
As a result of the transactions, OM Group has become a
privately-held subsidiary of the Apollo Funds, and OM Group's
common stock is no longer trading on the New York Stock Exchange,
effective today. Immediately following the
completion of the merger transaction, Platform has acquired OM
Group's Electronic Chemicals and Photomasks businesses, excluding
certain assets in Malaysia, which
Platform has entered into an agreement to acquire from affiliates
of the Apollo Funds in a separate transaction that is expected to
close in January 2016, subject to
customary closing conditions. The remaining three OM Group
businesses, including the Magnetic Technologies, Battery
Technologies and Advanced Organics businesses, will be retained by
the Apollo Funds.
"We are excited to complete the acquisition of these three
leading businesses from OM Group, adding to our chemicals and
materials sciences portfolio," said Scott
Kleinman, Lead Partner of Apollo's Private Equity
business.
Joseph M. Scaminace, Chairman and
Chief Executive Officer of OM Group, said, "We are pleased that our
strategic transformation of OM Group into an attractive portfolio
of differentiated businesses with strong foundations has enabled us
to maximize value for our stockholders. I thank our dedicated
associates for their hard work to position the Company for this
favorable outcome, and also thank our customers for their support
and loyalty. Going forward, our customers will continue to receive
high-quality products and services, innovation and applications
expertise to meet their needs."
Platform COO Benjamin Gliklich
said, "We are very excited to bring these highly-complementary
businesses into the Platform family and further develop our
Performance Applications segment."
The Apollo Funds also announced the appointment of James Voss as Chief Executive Officer of the
company. Mr. Voss will succeed Mr. Scaminace, who will step
down from his position as Chairman and CEO of the company,
effective immediately. Mr. Voss has been in the chemicals
& specialty materials industries for the last 20 years
including as an operating partner to the Apollo Funds since 2012
within these verticals. Prior to working with Apollo he was
the EVP and COO of Solutia.
"We have been fortunate to work with Jim over the last four-plus
years on multiple investment opportunities in the chemical industry
and we could not be more excited to have him lead OM Group as the
company enters into a new chapter in its life," said Samuel Feinstein, senior investment professional
of Apollo's Private Equity business.
BNP Paribas served as financial advisor to OM Group, and
Deutsche Bank Securities Inc. served as financial advisor to OM
Group's Board of Directors. Jones
Day served as legal counsel to OM Group. Paul, Weiss,
Rifkind, Wharton & Garrison LLP served as legal advisor to the
Apollo Funds and Lazard and Credit Suisse acted as financial
advisors to the Apollo Funds. The debt financing for the
Apollo Funds was provided by Credit Suisse and Sumitomo Mitsui
Banking Corporation. Greenberg Traurig LLP acted as legal
advisor to Platform.
About OM Group
OM Group is a technology-driven diversified industrial company
serving attractive global markets, including automotive systems,
aerospace and defense, industrial and medical. Its business
platforms use innovation and technology to address customers'
complex applications and demanding requirements. For more
information, visit the Company's website at www.omgi.com.
About Apollo
Apollo Global Management, LLC is a leading global alternative
investment manager with offices in New
York, Los Angeles,
Houston, Chicago, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong
Kong and Shanghai. As of
June 30, 2015, Apollo had assets
under management of approximately $163
billion in private equity, credit and real estate funds
invested across a core group of nine industries where Apollo has
considerable knowledge and resources. For more information
about Apollo, please visit www.agm.com.
About Platform
Platform is a global, diversified producer of high-technology
specialty chemicals and provider of technical services. The
business involves the formulation of a broad range of
solutions-oriented specialty chemicals, which are sold into
multiple industries, including agrochemical, animal health,
electronics, graphic arts, plating, and offshore oil production and
drilling. More information on Platform is available at
www.platformspecialtyproducts.com.
Contacts:
For OM Group, Inc.:
Kimberly Kriger
Kekst and Company
212-521-4800
For Apollo Global Management:
Gary M. Stein
Head of Corporate Communications
212-822-0467; gstein@apollolp.com
or
Charles Zehren
Rubenstein Associates, Inc.
212-843-8590; czehren@rubenstein.com
For Platform Specialty Products
Corporation:
Carey Dorman
Associate Director - Corporate Development & IR
Platform Specialty Products Corporation
1-561-406-8465
or
Liz Cohen/ Kelly Gawlik
Weber Shandwick
212-445-8044/212-445-8368
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/om-group-inc-announces-completion-of-agreement-to-be-acquired-by-apollo-affiliated-funds-in-partnership-with-platform-specialty-products-corporation-for-3400-per-share-300167818.html
SOURCE OM Group, Inc.