Oct 10 (Reuters) - Platform Acquisition Holdings Ltd
, founded by Jarden Corp chairman Martin
Franklin, said it was in advanced talks to buy privately held
specialty chemicals maker MacDermid Inc.
Franklin was planning to pay $1.8 billion, the Wall Street
Journal reported earlier in the day, citing people familiar with
the matter. ()
Shares of Platform Acquisition were halted on the London
Stock Exchange on Thursday. They closed at 10.50 pence on
If completed, the acquisition would constitute a reverse
takeover, Platform Acquisition said in a statement.
After the deal, Platform Acquisition will be renamed
Platform Specialty Products Corp, its headquarters will be moved
to the United States and its listing to the New York Stock
Exchange, the Journal reported.
The deal is expected to be the first of several purchases of
niche chemicals businesses by Franklin, reflecting the
British-born businessman's interest in collecting and building
businesses unrelated to the company he runs, the Journal said.
The deal, expected to close by the end of the year, will be
funded through Platform Acquisition Holdings - a company
Franklin founded with billionaire Nicolas Berggruen and took
public on the London Stock Exchange in May, the Journal said.
Platform Acquisition's shareholders include sovereign wealth
funds, hedge fund investors and William Ackman's Pershing Square
Capital Management, which owns 28 percent of the company's
ordinary shares, the Journal said.
Jarden supplies products ranging from Sunbeam electric
blankets and Crock-Pots to Coleman camping gear and Marmot
clothing to retailers such as Wal-Mart Stores Inc,
Target Corp and Bed, Bath and Beyond.
Denver-based MacDermid makes specialized chemicals that are
used in the manufacturing of cars and consumer electronics, and
in the offshore drilling industry.
The specialty chemicals company was taken private for $1.3
billion in a management-led buyout in 2007. It generated about
$740 million in revenue for the year to September, the Journal
MacDermid could not immediately be reached for comment by
Reuters outside of regular U.S. business hours.