6 C
New York
Tuesday, November 29, 2022

Sausage-casing maker Devro receives offer from Saria group

Sausages. Photo by Jonathan Taylor on Unsplash

One of the leading manufacturers of collagen products for the food industry has had an offer to bought up by the Saria group for around £667m.

Sausage-casing maker Devro was snapped up by Bidco, a subsidiary of Saria, with shareholders entitled to receive 316.1 pence in cash for each share held.

German-based Saria is a market leader in products for both human consumption and animal nutrition, as well as agriculture and pharmaceuticals. Bidco is a subsidiary of Rethmann

The cash offer represents “an attractive premium” of approximately 65 per cent to the closing price of 192 pence per Devro share and 80 per cent to the one month volume weighted average price of 175.9 pence per share.

Steve Good, Chairman of Devro, said its board “believes that the offer from SARIA, which represents a premium of 92 per cent. to the closing price on the last Business Day before receipt by the board of Bidco’s conditional indicative proposal, reflects the strength of Devro, our medium-term prospects, and recognises the substantial improvements made to the company through the successful implementation of our growth strategy.”

The offer also provides an opportunity for Devro shareholders to crystallise, in cash, the value of their investments at a fair and reasonable value.”

Harald van Boxtel, chief executive of Bidco, said: “The proposed combination of Devro and the SARIA group will bring together two leading international businesses with complementary product portfolios, particularly in the sausage casings market, providing a platform for sustainable and scalable growth in highly attractive and dynamic categories.”

Source link

Related Articles

3 takeaways from Matt Ryan’s putrid performance vs Pittsburgh

The Indianapolis Colts were back on national TV for the second time this season. But in this case,...

LIVE 5 PM ET: Rep. Pelosi Participates in US Capitol Christmas Tree Lighting

House Speaker Nancy Pelosi (D-Calif.) helps light the U.S. Capitol Christmas Tree. * Click the “Save” button below the video to access it later on...

Pulisic Sinks Iran As US Advance In World Cup Duel

Christian Pulisic fires the United States into the World Cup last 16 in their 1-0 win over Iran Christian Pulisic fired the United States into...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe

Latest Articles

3 takeaways from Matt Ryan’s putrid performance vs Pittsburgh

The Indianapolis Colts were back on national TV for the second time this season. But in this case,...

LIVE 5 PM ET: Rep. Pelosi Participates in US Capitol Christmas Tree Lighting

House Speaker Nancy Pelosi (D-Calif.) helps light the U.S. Capitol Christmas Tree. * Click the “Save” button below the video to access it later on...

Pulisic Sinks Iran As US Advance In World Cup Duel

Christian Pulisic fires the United States into the World Cup last 16 in their 1-0 win over Iran Christian Pulisic fired the United States into...

England advances after dominating Wales at World Cup

AL RAYYAN, Qatar — Marcus Rashford and Phil Foden both scored Tuesday to put England into the last 16 of the World Cup with...

Iran-United States 0-1 scorecards: Dest and McKennie shine, Pulisic gives away the qualifying goal

- Continue reading below - Appointment with history for two national teams that in the World in Qatar they hope to live a dream....