Newell Rubbermaid, (nwl) the maker of Sharpie markers and Parker pens, said it would buy Jarden (jah), which makes Sunbeam and Mr. Coffee kitchen appliances and Coleman outdoor gear, for $13.22 billion.
Jarden shareholders will receive $21 in cash and 0.862 Newell shares for each share held, the companies said on Monday.
This implies an offer of $60 per share, a 14% premium to Jarden’s closing price on Friday.
Jarden’s shares rose to $56 in premarket trading on Monday.
The deal value has been calculated based on 220.35 million shares outstanding as of Oct. 30.
Newell Rubbermaid said it expects the deal to expand its presence in food and beverage, baby products, and kitchen appliances among key retailers and geographies.
The company was in talks to combine with Jarden, Reuters had reported earlier this month, citing one person familiar with the matter.
Newell Rubbermaid shareholders will own about 55% of the combined company after the transaction is complete, which is expected in the second quarter of 2016.