Arysta LifeScience officially withdraws IPO; acquired by Platform Specialty Products for $3.5 billion

Arysta LifeScience, a global provider of crop protection chemicals LBO'd by Permira, officially withdrew its plans for an initial public offering on Wednesday.

In September 2014, the company pursued the dual track process and filed for an IPO that could have raised $500 million, but in October announced that it would be acquired by Platform Specialty Products (NYSE: PAH) for $3.5 billion. The acquirer is up nearly 7% in mid-day trading.

Peer Adama Agricultural Solutions (ADAM; $478 LTM EBITDA), an Israeli crop protection company, set terms to raise $400 million in a November 2014 IPO that it eventually postponed.

The Dublin, Ireland-based company, which was founded in 2001 and booked $1.5 billion in sales for the 12 months ended December 31, 2013, had planned to list on the NYSE under the symbol ARYS. Morgan Stanley, J.P. Morgan, Citi, Deutsche Bank, HSBC Corporation, Nomura Securities and Jefferies were set to be the joint bookrunners on the deal.