WELLINGTON, April 11 (Reuters) - New Zealand resins and coating company Nuplex Industries Ltd's (NPX) independent directors on Monday unanimously recommended Allnex Belgium SA/NV's NZ$1.05 billion ($715.68 million) takeover bid.
The companies have signed a Scheme Implementation Agreement and shareholders will now vote on the offer at a special meeting. At least 75 percent of the votes cast must be in favour.
Under the terms of the deal Allnex will acquire all outstanding shares in Nuplex for NZ$5.43 cash per share.
The offer "provides an opportunity for Nuplex shareholders to realise some of the future value of their Nuplex shares at a significant premium to the market price before the indicative proposal was announced on Feb. 15, 2016," Nuplex said in a statement.
The deal represents a 44 percent premium to Nuplex's closing price before the proposal was announced.
($1 = 1.4671 New Zealand dollars)
