Animalcare Group agrees PS235 million bid from Charterhouse Capital
Animalcare Group PLC on Thursday accepted a £235.2 million takeover approach from Charterhouse Capital Partners LLP.
Shareholders in the York, England-based veterinary services and pharmaceuticals firm will receive 336 pence cash for every share held.
On Thursday, shares in Animalcare surged 34% to 332.01p each in London.
As an alternative to the cash offer, shareholders may elect to reinvest some sale proceeds by subscribing for one unit in a new business, ’Topco’.
London based private equity investment Charterhouse said it believes Animalcare represents an ‘attractive asset with unique characteristics.’
Animalcare backed the cash offer but said it is not making any recommendation in relation to the alternative offer.
‘The cash offer represents an attractive premium to Animalcare’s recent trading performance and the Animalcare Board believes that it fairly recognises Animalcare’s future growth prospects,’ the firm said in a statement.
The bid has the backing of 42% of Animalcare shareholders to date, including the 18.4% Harwood Capital stake.
North Atlantic Smaller Cos Investment Trust PLC on Thursday said at the recommended offer price, there will be an increase in the March 31 net asset value of 8 pence per share.
Shares in the trust were up 2.1% at 348.00p each in London on Thursday.
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