Evonik methacrylates refresh bids due in December, sources say
German specialty chemical company Evonik Industries [ETR: EVK] is aiming to collect refresh bids for its methacrylates business in early December, according to three sources familiar with the matter.
Management presentations have just started, two of the sources said. Final bids are likely to be collected in a late January-February timeframe, they said.
Financial sponsors Apollo Global Management [NYSE:APO], Advent International, SK Capital, are all said to be competing in the second round, as previously reported. Rhone Capital and Triton have partnered up to bid for the asset, two of the sources said.
The division could fetch a 6x EBITDA valuation, but faces the challenge that it is not seen as a best-in-class business, this news service previously reported. Initial offers, which were collected on 2 November, almost certainly came in below EUR 3bn, sources previously told this news service.
In March, Evonik announced that it was reviewing options for its methacrylates businesses (MMA and PMMA), and mandated Barclays to run the process, as reported.
The business comprises high-volume monomers such as MMA, various specialty monomers, as well as the PLEXIGLAS brand of PMMA molding compounds and semi-finished products. These products are manufactured in Germany, North America and Asia.
Evonik declined to comment.