UNVR - Univar Solutions drops after Brenntag confirms end of takeover talks

• Univar Solutions ( NYSE: UNVR ) fell 5.3% in premarket trading after Brenntag ( OTCPK:BNTGF ) on Monday said it e nded preliminary talks to acquire rival chemical distributor.
• Univar ( UNVR ) confirmed on Tuesday that Brenntag had ended the discussions, according to a s tatement. Univar indicated that it will continue talks relating to other indications of interest that have been received with respect to a potential transaction.
• The update comes after Brenntag ( OTCPK:BNTGF ) on Nov. 25 confirmed that it was in talks with Univar ( UNVR ). In late November activist Engine Capital, which disclosed it had a ~1% stake in Univar, said the company should start a competitive sales process that invites additional parties to bid for Univar.
• Engine Capital highlighted a letter it sent to Univar's board in October and estimated that Univar ( UNVR ) may be worth $38-$44/share in a takeover.

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