Funds affiliated with Clayton, Dubilier & Rice (CD&R), a global private investment firm, and TPG Capital, the private equity platform of global alternative asset management firm TPG (TPG), are to acquire Covetrus, a specialist in animal-health technology and services, for $21.00 per share in cash, representing an enterprise value of approximately $4 billion.
CD&R and its affiliates currently beneficially own approximately 24% of the Company’s outstanding shares of common stock. The transaction delivers significant value to Covetrus’ shareholders and represents a 39% premium to Covetrus’ 30-day volume weighted average price per share as of the unaffected stock price as of 13 May, 2022.
The proposed transaction has been unanimously approved by a transaction committee of independent directors of the Board of Directors of Covetrus (the “Transaction Committee”). The Board of Directors of Covetrus has unanimously approved the proposed transaction on the recommendation of the Transaction Committee.
Read more: Private Equity Wire
