Treatt agrees PS183 million cash offer from Germany's Dohler Group
Treatt PLC on Wednesday accepted a £183 million cash bid from Darmstadt, Germany-based Dohler Group SE, and reported a fall in its half-year pretax profit.
The Suffolk, England-based extracts and ingredients manufacturer said the deal is worth 305 pence per share cash, a 48% premium to Tuesday’s closing share price.
On Wednesday, shares in Treatt soared 46% to 299.50p each in London, for a market capitalisation of £176.8 million.
Dohler, which produces natural ingredients, ingredient systems and integrated solutions for the food, beverage and life science & nutrition industry, noted it has worked closely with Treatt over many years as a strategic supplier and customer.
The German group believes that it would be the ‘right partner to unlock the full extent of the Treatt Group’s growth potential.’
It has the backing of 12% of Treatt shareholders for its bid proposal so far.
Treatt Chair Vijay Thakrar said the board believes the proposed acquisition represents a ‘positive outcome’ for shareholders, providing the ‘certainty of a cash exit for shareholders at an attractive value.’
In addition, Treatt reported results for the six months ended March.
Pretax profit fell 31% to £2.0 million from £2.9 million, on revenue that was 6.5% lower at £59.9 million from £64.0 million.
Lower sales reflected reduced Heritage and Premium volumes, in line with expectations, and a slow recovery in citrus, as anticipated.
Basic earnings per share declined 32% to 2.48 pence from 3.63p.
In light of the offer from Dohler, Treatt did not propose a dividend.
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