CLAYTON – Plastic maker Spartech Corp. is being acquired by PolyOne Corp, a Cleveland-based competitor, for $393 million.
The sale, is expected to close in early 2013, pending regulatory approval and approval from Spartech’s shareholders. Spartech shareholders will receive cash and stock valued at $8 per Spartech common share, the companies said in a statement. The deal also includes the assumption of Spartech’s net debt that totals $142 million.
The sale announcement sent Spartech’s stock up more than 60 percent compared with yesterday’s closing, to $8.26 a share in afternoon trading.