HOLZMINDEN (dpa-AFX) - As expected, fragrance and flavorings manufacturer Symrise has submitted a mandatory offer to acquire Swedish pet food specialist Swedencare. The Holzminden-based company is offering 37.50 Swedish kronor per share, valuing the company at just under 6 billion kronor (514 million euros), it said Monday. However, the offer is significantly below Monday's closing share price of 42.07 kronor. The background to this is that Symrise was obliged to make the offer because the Germans had exceeded the 30 percent shareholding threshold in the company at the end of May. Accordingly, they had already announced a mandatory offer. The acceptance period is to run from June 21 to July 26.

The offer is almost 14 percent above the volume-weighted average share price of the 30 trading days until the 30 percent threshold was exceeded on May 24, Symrise said. Symrise CEO Heinz-Jürgen Bertram said the offer was fair in light of the fact that Symrise considers itself the best owner of the business. Mandatory offers are often structured in such a way that shareholders are not offered an attractive premium on the current share price./men/tih