Animal drugs maker Dechra Pharmaceuticals has agreed to a £4.5billion takeover by EQT despite the Swedish private equity firm cutting its offer.
The board of Dechra announced it has recommended that shareholders accept a £38.75 a share offer, valuing the company at £4.46billion.
Earlier this month Dechra, which makes medicines and treatments for pets and farm animals, warned on profits, saying it will make less than £186million in the 12 months to June 30.
It came after an earlier profit warning in February when it said profits for the year would be at the ‘lower end of market expectations’ at £186million.
The company issued a fresh profit warning this morning alongside the deal, saying that profit for the year would be ‘materially’ below £186 million.
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