S&P puts MacDermid on watch

Standard & Poor's said it placed all its ratings on MacDermid Inc., including its BB+ corporate credit rating, on CreditWatch with negative implications.

The agency said that the CreditWatch listing follows the announcement that MacDermid received a proposal letter from Daniel H. Leever, its chairman and chief executive officer and Court Square Capital Partners to purchase all of its outstanding common stock at $32.50 per share.

A special committee of the company's outside directors will consider the offer, the agency added, noting that the bid as currently structured would result in a significant erosion of credit quality.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.