LONDON—United Kingdom-based polymer latex supplier Synthomer P.L.C. said it is not discussing a possible offer for the company, dismissing media reports of a potential takeover.
Shares in the group had spiked by almost 10 percent to $510 since the middle of last week but reverted back to previous levels following a Feb. 24 statement to the London Stock Exchange. Shares were trading around $467 as of the morning of Feb. 25.
CVC Capital Partners had been exploring a bid for the company, which is valued around $2.8 million, according to a Bloomberg report.
The private equity firm made an initial approach to London-listed Synthomer to gauge its interest in a deal, according to the people who asked not to be identified because the information is private. The two parties currently are not holding any negotiations, one of the people said.
Synthomer recently upgraded its earnings forecast, citing strong trading across its main business areas, which include synthetic latex gloves, paints and coatings, construction, textiles and paper.
The London-headquartered group now expects 2020 earnings (EBITDA) of around $311 million, about 10 percent ahead of the guidance provided in a trading statement of Oct. 14, 2020.
Synthomer is scheduled to release full-year results on March 4. The group reported 2019 revenues of more than $1.2 billion and earnings (EBITDA) of more than $232 million.
Synthomer employs around 4,750 people across more than 38 sites, including regional bases in Atlanta; Harlow, U.K.; Marl, Germany; and Kuala Lumpur, Malaysia.