NCH Corp. Reports $47.50 pershare Buyout Offer

NCH Corp., a manufacturer of I&I cleaning products as well as fasteners, welding alloys and plumbing parts, said today its board had received a $47.50 per share buyout offer from President and Chairman Irvin Levy and his brother Lester Levy on behalf of Levy family members who currently own about 57% of the company’s stock.

Under the proposal, set forth in a letter to the company’s board of directors, the Levy family would acquire the shares of NCH common stock they do not currently own for $47.50 a share, a 23.1% premium over the closing price on the New York Stock Exchange on Sept. 27.

In their letter, the Levys said family members had no interest in selling their common stock in NCH other than approximately 230,000 shares that may be sold by family members. The board has appointed a committee of independent directors to consider the proposal, subject to the execution of definitive merger and financing agreements and any necessary regulatory approvals.

The Levy family has retained Deutsche Banc Alex Brown Inc. and Debevoise & Plimpton, as investment bankers and legal counsel, respectively, to advise them in connection with this matter.