Dechra Pharma Takes EQT Takeover Offer, Albeit At Lower Price

Dechra Pharmaceuticals PLC DPHAY agreed to a takeover offer by Swedish Private Equity EQT for £4.5 billion.
The acquisition price represents 44% premium to Dechra'a closing price as on April 12, 2023.
As per the terms, Dechra shareholders will receive 3,875 pence in cash for each share held.
This is lower than the 4,070 pence, which was decided when both companies started acquisition-related talks in April this year.
The acquisition is projected to complete by the end of 2023 or early 2024.
The U.K. veterinary pharmaceutical company now expects full-year underlying operating profit to be materially below the guidance of £186 million.
"The Dechra Board considers EQT, together with ADIA, to be highly experienced investors with a strong sector understanding who will, we believe, prove to be responsible and supportive owners of Dechra and who can build on this legacy and further accelerate the Dechra Group's growth. As such, it is our view that accepting this proposal represents the best interests of all stakeholders and in particular represents a compelling opportunity for shareholders to realise, in cash and with certainty, Dechra's potential for future value creation," said Elizabeth Alison Platt, the Chair of Dechra.