India’s UPL Explores Bid for Platform Specialty Agrochemical Unit

Posted by Matt Hopkins|25 July 2017

Indian agrochemicals producer UPL Ltd. is exploring a bid of more than $4 billion for the agrochemicals business of Platform Specialty Products Corp to expand its global footprint, according to people familiar with the matter and a report on Reuters.com.

The bid would challenge a rival offer for the unit by a private equity consortium of Blackstone Group LP and CVC Capital Partners Ltd, the sources said on Monday. A competitive bid would be a boon for Platform Specialty and its biggest shareholder, William Ackman’s hedge fund Pershing Square Capital Management LP, which owns 14.5 percent of the company.

Platform Specialty’s shares jumped as much as 6.4 percent after publication of the news. The shares were trading up 3.4 percent at $13.41 in New York on Monday in the early afternoon, giving the company a market capitalization of $3.8 billion.

Read the full story on Reuters.com.