8th Aug 2023 14:57
(Alliance News) - Dechra Pharmaceuticals PLC on Tuesday said that its takeover by EQT AB has passed antitrust hurdles in both Brazil and Austria, but is still awaiting approval in the EU and Australia.
Towards the end of July, the veterinary drug maker said that the private equity takeover had been approved at court as well as at a general meeting. Holders of 99% of scheme shares voted in favour at a court meeting, with the same number also backing the move at the general meeting.
It was in June that Dechra agreed to a downwardly adjusted takeover by EQT, which is a Swedish private equity firm, and Luxinva SA, which is controlled by the sovereign wealth fund of the United Arab Emirates. The offer values Dechra at GBP4.46 billion on a fully-diluted basis and gives an enterprise value of GBP4.88 billion.
On Tuesday, Dechra said that the Austrian Federal Competition Authority provided its clearance decision in respect of the acquisition on July 28. Further, the Administrative Council for Economic Defense in Brazil confirmed that Brazilian antitrust approval has become final.
Completion of the acquisition remains subject to the satisfaction of several outstanding conditions. These include, amongst other things, the receipt of antitrust approval in the EU and foreign direct investment approval in Australia, as well as the court sanctioning the scheme at the sanction hearing.
Dechra shares were up 0.2% at 3,766.00 pence each in London on Tuesday afternoon.
By Holly Beveridge, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
DPH.L