Dechra Pharmaceuticals Plc (DPH.L) has agreed terms to conditionally acquire the entire issued share capital of Eurovet Animal Health B.V., the pharmaceutical business of A.U.V. Holding B.V., for 135 million euros or some 112.5 million pounds, on a debt-free, cash-free basis.
The purchase would be funded with the proceeds of a fully underwritten rights issue to raise some 60 million pounds and debt as per the terms of a new debt facility. The Rights Issue would be made on the basis of 3 New Ordinary Shares for every existing 10 Ordinary Shares at a price of 300 pence per New Ordinary Share, representing a discount of 29.6 percent to the theoretical ex-rights price of 426.15 pence per Ordinary Share, based on a Closing Price of 464 pence per Ordinary Share on April 4, 2012.
The AUV and Eurovet management teams, on agreeing the transaction with Dechra as the preferred bidder, expressed a desire to select the right strategic partner, with a shared vision for product innovation, customer focus and growth, to help take Eurovet to its next stage of development.
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