Platform Specialty Products Corp. has confirmed it is in exclusive talks with a potential acquirer of its Arysta LifeScience business, without disclosing the name of the company.
Bloomberg reported earlier in the week that a consortium including Indian chemical producer UPL Ltd. is the company in exclusive talks to acquire the billionaire investor Bill Ackman-backed Arysta, which it said could fetch more than $4 billion including debt. Bloomberg cited anonymous sources.
Platform CEO Rakesh Sachdev said, “As we commented on June 7, 2018, in pursuing a separation of our businesses into two standalone companies we have had discussions with several parties regarding an acquisition of or investment in Arysta LifeScience. We are now in exclusive discussions with a potential acquirer of the business and expect to have more information to provide to our shareholders and all our stakeholders on or before our second quarter earnings conference call. As we have repeatedly emphasized, we will choose the path for our separation that we believe creates an optimal outcome for our shareholders, and we will keep all of our stakeholders apprised as and when appropriate.”