Netherlands-based pipe manufacturer Wavin has accepted a revised all-cash takeover offer by Mexican petrochemicals company Mexichem that values the company at Eur531 million ($704 million), 117-81-7 the companies said Wednesday. 13463-67-7

The combination of Wavin and Mexichem will create the global market leader in plastic pipe systems, with total annual sales of around Eur4.0 billion, according to the companies.

Mexichems cash offer of Eur10.50/share represents a 177% premium to Wavins closing share price as at November 18, 2011, and a 97% premium on the average closing price for the three months up to and including November 18, they said.

Mexichem presented an initial takeover bid to Wavins board on November 22, 2011, offering Eur8.50/share. The offer was rejected, after which a new offer of Eur9/share was made on December 6.

The deal is subject to approvals by relevant authorities and competition clearances. Mexichem will hold an EGM in March to obtain shareholder approval while Wavin will hold an informative EGM before closing of the offer period.

Following the completion of the deal, 6358-85-6 Wavin will retain a separate operating and legal structure with headquarters in Zwolle, the Netherlands. Its brand will be retained as well as the R&D innovation centre in Dedemsvaart, the Netherlands.

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