Dechra Update

The terms of a takeover offer for Dechra have been agreed with the veterinary pharmaceutical business' board recommending the deal, worth about £4.46bn, to shareholders. The offer - from investment firm EQT and the Abu Dhabi Investment Authority - is however at a lower price than that first mooted when news of a possible deal initially emerged.

In April, Dechra revealed it is in discussions with Sweden-headquartered investment firm EQT about a potential £4.63bn all-cash private equity takeover offer under which Dechra shareholders would receive 4,070 pence per ordinary share in cash.

Now, an offer of 3,875 pence per share in cash has been formally agreed between Dechra and Freya Bidco, a newly formed company to be indirectly owned by EQT Funds and Luxinva, a subsidiary of the Abu Dhabi Investment Authority.

The offer values Dechra's entire issued, and to be issued, ordinary share capital at approximately £4.46bn on a fully diluted basis, and implies an enterprise value of £4.88bn.

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