€508 million: Symrise’s bid for Swedencare
The offer is a mandatory procedure after recently acquiring a 30% stake in the Swedish pet care company.
Holzminden-headquartered Symrise made a final bid offer of SEK37.50 (€3.23/$3.46) per share for Swedencare, valuing the company at SEK5.9 billion (€508.6M/$543.77M).
This comes after the German group bought 2,300 new shares of the Swedish pet care firm on 25 May 2023, reaching 30% ownership in the firm.
Regulations establish that a mandatory offer to the stakeholders must be made when 30% of ownership is reached. Symrise clarified that it intends to increase its shareholding in Swedencare but not to acquire 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.
According to Bertram, a “strengthened collaboration” between both companies will create significant value for all shareholders in a “strong global” pet healthcare market.
A strategic relationship
Symrise wants to expand Swedencare’s leadership in premium pet healthcare products and further extend its global footprint.
The German group became a stakeholder in the Malmö-based company in June 2021, when it invested 5% in the firm’s capital by acquiring new shares.
“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 at the time.
Acquisitions in the pet sector boosted Symrise’s revenue and profit in 2022. Swedencare said the first quarter of 2023 was the “strongest” ever, with a revenue increase of 39% compared to the same period of 2022.
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