Paint manufacturer Wattyl Ltd
(ASX:WYL) says it has received a takeover approach from an overseas company.
In a statement to the ASX, the company says it has received an indicative, non-binding and confidential proposal to acquire all of the issued capital of Wattyl by scheme of arrangement from an overseas corporation at a price of $1.30 a share.
Wattyl says the proposal requires a unanimous board recommendation, in the absence of a superior proposal, and is conditional on Foreign Investment Review Board and NZ Overseas Investment Office approvals.
The company says the offer, however, is not conditional on due diligence.
Wattyl says it has not yet formed a view on the proposal and recommends that shareholders take no action at this time.
The paint maker says it will make a further announcement in due course and has engaged Gresham Advisory Partners and Clayton Utz as advisors.
Wattyl fell into the red in the 2009 financial year after posting a profit the year before.
