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LONDON - Natara Global Limited, a company controlled by funds managed by Exponent Private Equity LLP, has increased its cash offer for Treatt PLC to 290 pence per share, valuing the company at approximately £173.8 million.
The increased offer, announced Monday, represents an 11.5 percent premium to Natara’s original offer of 260 pence per share made on September 8, and a 29.5 percent premium to Treatt’s closing price of 224 pence on September 5.
Natara has declared this increased offer as "final" and stated it will not be raised further unless a competing bid emerges or under "wholly exceptional circumstances" with Panel consent.
The Treatt board, advised by Peel Hunt and Investec, considers the terms of the increased offer to be "fair and reasonable" and unanimously recommends shareholders vote in favor of the scheme of arrangement.
Since the original offer announcement, Natara has secured additional shareholder support, receiving an irrevocable undertaking from a shareholder representing approximately 2.95 percent of Treatt’s issued share capital, and a non-binding letter of intent from another shareholder holding approximately 1.22 percent.
The acquisition remains subject to regulatory approvals, though the Irish Competition and Consumer Protection Commission has already provided clearance, which Natara described as "a key milestone in the regulatory process."
The increased offer maintains the same intentions regarding Treatt’s business operations, management, and employees as outlined in the original announcement.
The acquisition is expected to be funded through a combination of equity provided by Exponent Fund IV and Exponent Fund V, along with new debt financing.
This announcement is based on a press release statement from Natara Global Limited.
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