Luxfer Holdings and Neo Performance Materials terminate acquisition agreement

On December 18, 2018 Luxfer Holdings PLC ("Luxfer") and Neo Performance Materials Inc. ("Neo") announced the signing of a definitive agreement under which Luxfer was to acquire Neo for US$612 million in cash and stock. To be effected by way of a plan of arrangement under the of Business Corporation Act (Ontario), upon completion of the transaction, shareholders of Neo Performance Materials would have received US$5.98 in cash and 0.395 Luxfer shares for each common share of Neo. Following the transaction, Luxfer shareholders would have owned approximately 63% of the combined company on a pro forma basis.

The mutual agreement by both companies to terminate the transaction was announced on March 10, 2019.

Neo Performance Materials is a global leader in the innovation and manufacturing of rare earth and rare metal-based functional materials, which are essential inputs to high technology, high growth, future-facing industries.

Luxfer is a global manufacturer of highly-engineered advanced materials, which focuses on value creation by using its broad array of technical knowhow and proprietary technologies.

Further information can be found on Canada Newswire's website.