Incitec Pivot Makes an Offer to Acquire Dyno Nobel

Incitec Pivot (Melbourne), Australia’s biggest producer and distributor of fertilizers, has made an offer to acquire explosives manufacturer Dyno Nobel (Sydney). The cash-and-shares offer, at an “implied offer price” of A$2.80/share, values Dyno at A$3.3 billion ($3.1 billion) including debt. Incitec currently owns a 13% stake in Dyno, which it purchased in August 2007. Dyno shareholders will receive 0.01406 Incitec shares and A$0.70 in cash for every Dyno share they hold. Incitec says it has secured a A$2.4-billion facility from a consortium of...

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