Huizheng information: Ashtar Paint Systems Co., Ltd. said on Tuesday (March 31) that in view of the global market chaos caused by the coronavirus pandemic, the company has ended the review of its previously announced strategic options and will continue to implement its business plan.
Eister said they had in-depth negotiations with some stakeholders, but the Board believed that continuing to implement its strategic plan was the best way to maximize shareholder value.
People familiar with the matter said Ashtar has been trading about $7.5 billion with PPG Industries Inc. and Clayton dubier & rice, the acquisition company. But axed said on Tuesday that the talks were over after the company's share price plummeted and, like many other companies, it cancelled financial guidance.
Eister said it had taken action plans to address the impact of certain areas of its business or the reduction in customer demand, including restructuring costs.
"We are confident that the actions we are taking, coupled with a strong balance sheet and ample liquidity, will enable us to emerge from this crisis," the company said.
On June 19, 2019, the board of directors of Astor launched a review of strategic options to maximize shareholder value. In order to perform the strategic review, Axel's board of directors hired evercore and Barclays as financial advisors, and Morrison & Foerster and cravath, Swaine & Moore as legal advisors.
Ashtar's board of directors also established a strategic review committee, chaired by Mark Garrett and composed of a majority of independent directors, which is responsible for supervising the review process. During the 9-month review, under the leadership of its strategic review committee, the board of directors explored a variety of options to maximize shareholder value, including the company's overall sales process and parallel assessment of the company's operational strategy, core basic business and independent value creation potential.
Astor and its representatives communicated with more than 50 participants, including companies in the paint, chemical and industrial sectors, as well as financial sponsors in the US, Europe and Asia, to discuss potential sales of the company or parts of its business. Axel has entered into confidentiality agreements with 18 potential buyers to facilitate due diligence.
After a comprehensive evaluation of various options, the board of directors of axel, in consultation with the financial and legal advisers, determined that, at present, the continuous implementation of the company's strategic plan is the best plan to maximize the value of shareholders of axel.