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EQT IX, through Roar BidCo, announced a takeover bid of SEK 220 in cash per share to Recipharm shareholders, corresponding to SEK 1,427,010 in cash per convertible with a nominal amount of SEK 1,000,000. The total value of the offering, based on the 75,009.0136 Recipharm shares that are not directly or indirectly owned by Roar BidCo or its related parties, and all convertibles outstanding, amounts to approximately SEK 17,929 million. Lars Backsell, Recipharm Chairman of the Board, and Recipharm CEO and Board Member Thomas Eldered, Indirect Shareholders of Recipharm, are participating in the offering alongside EQT IX, meaning that Roar BidCo has already secured ownership of approximately 25.7 percent of the shares and 74.3 percent of the votes in Recipharm. Appears from a press release.
The EQT IX offering corresponds to a premium of 24.4 percent relative to the volume weighted average price paid of SEK 176.87 on December 11, 2020, the last trading day before the announcement of the offer.
The offer acceptance period is expected to begin around December 18, 2020 and end around February 12, 2021. The offer is conditional on the offer being accepted to such an extent that Roar BidCo becomes the owner of the shares corresponding to more than 90 percent of the total number of Recipharm shares outstanding.
– Recipharm has grown strongly in recent years through a series of acquisitions, and today has a strong position in the global CDMO market. EQT wants to support Recipharm’s continued development, which will require significant and long-term investments. We highly value Recipharm management and employees and look forward to becoming partners with Lars Backsell and Thomas Eldered. We share many of the founders’ values, including the importance of an entrepreneurial focus and a clear focus on sustainability. As a very active investor in the global healthcare sector, EQT is well positioned to help Recipharm secure the future of its operations and accelerate its growth. We are convinced that we can add significant value, both in terms of experience and capital, says Erika Henriksson, partner at EQT Partners and investment advisor at EQT IX, in a written comment.
Recipharm offers manufacturing and development services to companies in the pharmaceutical industry.
Goldman Sachs International is the sole financial advisor and Roschier Advokatbyrå is the legal advisor to Roar BidCo and EQT IX in relation to the public offering. Setterwalls Advokatbyrå is legal adviser to Lars Backsell and Thomas Eldered in connection with the offering.
The Recipharm board hired Carnegie as a financial advisor and commissioned Öhrlings PricewaterhouseCoopers to announce a fair opinion on the offering, according to a Recipharm press release.
– For some time we have had a dialogue about a possible offer from EQT, Backsell and Eldered. The Board will now carefully evaluate the offer and return with its recommendation to shareholders, says Anders G. Carlberg, Chairman of the Board of Recipharm, in a press comment.
