NEW YORK — Sun Chemical Corp. said Tuesday that it had received an unsolicited $600.6-million buy-out offer from a Japanese company and would present the proposal to Sun's board of directors today.
Dainippon Ink & Chemicals Inc. of Japan in a letter to Sun Chemical offered to pay $77 in cash for each of the company's 7.8 million outstanding shares or to buy Sun's graphic arts materials group for $425 million, Sun said in a news release.
Sun Chemical said the letter from Dainippon indicated that the offer was contingent on negotiation of a mutually satisfactory acquisition agreement.
The offer was to be presented to the Sun board of directors at a regularly scheduled board meeting today.
Sun Chemicals, a leading maker of graphic equipment, printing inks, specialty chemicals, and automotive and aircraft parts, had revenue of $883.9 million in 1985. The graphic arts materials group accounted for about 63% of the total revenue.