KKR acquired LCY Chemical Corp for $1.56bn.

KKR acquired LCY Chemical Corp, a chemical company which manufactures and sells petrochemicals primarily in Taiwan, for $1.56bn or TWD 56 per share in cash. The offer price represents a premium of 17.28% to LCY's closing price on 20 July 2018. Mr. TH Hong, Chairman of LCY, said, "The proposed transaction delivers meaningful and immediate value to our shareholders, while also providing greater access to capital, operational resources and the time horizon needed to execute a strategy to drive long-term, sustainable value creation. KKR is the ideal partner to help us build on our 50-year track record of producing high-quality chemical products for customers worldwide and take LCY to its next level of growth given KKR's focus on responsible business and operational excellence. KKR's decision to partner with us is a testament to the innovative and talented team we have built in Taiwan - and around the world - and we look forward to working with them to build an even stronger company."