Tyman plc has accepted a takeover offer from US firm, Quanex Building Products, for a consideration of £788m.

In line with the deal, Tyman said that each of its shares is valued a 400 pence each, which is based on the US firm’s closing share price of $34.64 on Friday.

The London-based, FTSE 250-listed, international supplier of engineered components to the door and window industry announced that for every Tyman share, shareholders will receive 240 pence cash, as well as just over 0.057 of a Quanex share.

The deal is supported by Teleios Capital Partners, which is Tyman’s largest shareholder with 16.4% of the shares.

Quanex is a Texas-based metal window and door manufacturing company and the sale marks the latest deal involving a London-listed firm that is set to be bought out by a foreign investor.

Chairman of the board, president and chief executive officer at Quanex, George L. Wilson, said: "This transformative acquisition accelerates our journey to becoming 'bigger', creating a leading supplier of building products with a more diverse geographic footprint, product offering and customer base. With significantly enhanced scale, we are looking forward to fully optimizing our portfolio of products and assets to position Quanex as a comprehensive solutions provider for our customers. Importantly, we expect employees of both companies to also benefit from increased opportunities as part of a larger organization with expanded engineering, design and manufacturing capabilities.

"As one company, we will have an enhanced financial profile grounded in attractive margins, strong free cash flow and a healthy balance sheet, that will enable us to invest in organic and inorganic growth opportunities to deliver superior returns for investors. The industrial logic and strategic rationale of bringing Quanex and Tyman together are clear and compelling, and we are confident in our ability to drive meaningful value creation for both Quanex and Tyman shareholders and enhanced market offerings for our customer base."

Non-executive chair at Tyman, Nicky Hartery, added: "This transformative and complementary transaction will strengthen the enlarged business for the benefit of all our customers, employees and other stakeholders.

"In the context of a rapidly evolving North American marketplace, our board ultimately determined that this transaction is the best path to maximising value for Tyman shareholders, who will be able to realise a meaningful portion of their holding in cash at a significant premium to the prevailing share price while also participating in the future upside of the enlarged group. Today marks the beginning of an exciting next chapter for Tyman and our talented employees, and we look forward to joining with Quanex to deliver future growth and success."

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