Ashurst advises on recommended takeover of Tyman

Global law firm Ashurst is advising UBS AG London Branch on the recommended cash and share offer by Quanex Building Products Corporation to acquire the entire issued and to be issued share capital of Tyman plc.

The acquisition is valued at approximately £788 million and will be funded by a combination of Quanex's existing cash resources as well as third-party debt incurred by Quanex. Such third-party debt is financed, inter alia, by a US$750 million term loan provided pursuant to an interim facilities agreement entered into between, among others, Quanex, Wells Fargo Bank, N.A., Bank of America Securities and TD Bank.

Tyman is a leading international supplier of engineered fenestration components and access solutions to the construction industry. The Group designs and manufactures products that enhance the comfort, sustainability, security, safety and aesthetics of residential homes and commercial buildings. Tyman's portfolio of leading brands serve their markets through three regional divisions (North America, UK and Ireland and Europe) and cover all aspects of the hardware and sealing solutions required for doors and windows, and a full suite of solutions for roof, wall and floor access in residential and commercial buildings.

The Ashurst team is being led by partners James Fletcher and Tim Rennie, supported by associates Millie Gibbs and Emilia Howard (both corporate) and senior associate Theo Palmer (global loans).