After having acquired 30% stake at the company, Symrise has bid SEK37.50 (€3.23/$3.46) per share for Swedencare for a final time. The company was though valued SEK5.9 billion (€508.6M/$543.77M).
Pursuant to existing regulations, there must be a mandatory offer to the stakeholders when ownership reaches 30%. However, Symrise made clear that there is intent to further increase shareholding but not to achieve full ownership.
“Our full and fair offer for Swedencare’s shareholders reflects Symrise’s strong belief that [it] is the best possible majority owner for Swedencare going forward,” says Heinz-Juergen Bertram, CEO of Symrise.
The German group started its journey with Swedencare in June 2021, when it invested 5% in the company’s capital. Symrise now wants to expand Swedencare’s global position.
“We see a lot of opportunities to jointly strengthen our competencies. Symrise, therefore, underlines its commitment with an investment in Swedencare,” said CEO Heinz Jürgen Bertram.
In 2022, Symrise could increase its revenue and profit in the pet sector through several acquisitions. Also, Swedencare experienced increase stating that the first quarter of 2023 was the “strongest” ever with 39% increase.