Nuplex to buy rest of APS shares

Nuplex intends to compulsorily acquire the outstanding shares in Australian chemical company Asia Pacific Specialty Chemicals.

When Nuplex's A$47 million ($54.6 million) takeover offer expired on Friday, the company had acquired 93.6 per cent of APS - over the 90 per cent threshold which allows it to compulsorily acquire the rest of the target's shares.

Nuplex wants to buy APS to strengthen its position as Australasia's largest manufacturer of resins for coatings, adhesives, composites and paper.