Devro PLC said Friday that it has agreed to a 540 million pound ($654.3 million) takeover by Saria SE & Co. KG through its subsidiary Saria Nederland BV.
Under the deal, accepting shareholders of the collagen products manufacturer will get 316.1 pence in cash for each share owned, a 65% premium to Devro’s closing price of 192.0 pence on Thursday.
In addition to the cash payment, Devro shareholders will be able to keep the 2.9 pence a share dividend declared in August, and payable on Jan. 13.
The proposal implies an enterprise value on Devro of GBP667 million.
“We believe that Saria’s understanding of our markets, its strong financial position and the cultural fit will benefit the group’s business and employees. As a result, the Devro directors have agreed unanimously to recommend that Devro’s shareholders accept the offer from Saria,” Chairman Steve Good said.