Dechra Pharmaceuticals Agrees to Lowered GBP4.46 Billion Takeover by EQT

By Ian Walker

Dechra Pharmaceuticals said Friday that it has agreed to a new and lowered 4.46 billion pound ($5.59 billion) takeover by EQT's Freya Bidco.

Under the deal, accepting shareholders of the U.K. veterinary-pharmaceuticals company will get 3,875 pence in cash for each share held, lower than the price indicated on April 13 of 4,070 pence.

The new offer price implies an enterprise value of GBP4.88 billion and represents a premium of 15% to Thursday's closing price of 3,374.0 pence.

"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 realize, in cash and with certainty, Dechra's potential for future value creation," Dechra Chair Elizabeth Alison Platt said.

EQT is referred as the collective group of EQT X EUR SCSp and EQT X USD SCSp.

Write to Ian Walker at [e-mail]

(END) Dow Jones Newswires

06-02-23 0231ET