Animalcare agrees terms of £235m takeover by Charterhouse

(Sharecast News) - Animalcare shares shot higher on Thursday after the animal health company agreed the terms of a £235.2m takeover by private equity firm Charterhouse Capital Partners.

Under the terms of the acquisition, Charterhouse will pay 336p per share in cash. This is a premium of about 36% to the closing Animalcare share price on Wednesday.

The company's chair, Ed Torr, said: "While the Animalcare board remains confident in Animalcare's standalone prospects, delivering our long-term growth ambitions would require a sustained period of investment and execution over a number of years, against a backdrop of increasing macroeconomic uncertainty.

"The offer from bidco provides Animalcare shareholders with immediate value certainty in cash at an attractive premium and, for eligible Animalcare shareholders, the option to retain an economic interest through the alternative offer.

"Following a comprehensive review, supported by our advisers, the Animalcare board has concluded unanimously that the acquisition is in the best interests of Animalcare and the Animalcare shareholders as a whole."

Haitham Nasri, partner in the Deal Team of Charterhouse, said Animalcare is an attractive business "with unique characteristics as a global animal health pharmaceuticals platform".b

AIM-listed Animalcare is an international veterinary pharmaceutical and services business with a direct commercial presence in seven European countries and export to more than 40 markets in Europe and beyond.

Animalcare Grp