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Akzo Nobel offer for Sico Inc. Successful

By Tim Wright | June 7, 2006

Akzo Nobel and Sico have announced that Sico shareholders holding approximately 97% of the outstanding Sico common shares on a fully-diluted basis and all of the Sico Class B preferred shares have accepted the offer dated April 25, 2006 of 9168-1528 Québec Inc. (the offeror), an indirect wholly owned subsidiary of Akzo Nobel, for all of the issued and outstanding common shares and Class B preferred shares of Sico Inc. All conditions of the offer have been satisfied and the offeror has taken up and paid for the shares deposited under the offer. As at least 90% of outstanding common shares have been deposited under the offer, the offeror intends to acquire the common shares held by shareholders who did not accept the offer under the compulsory acquisition provisions of the Companies Act (Québec).