By Helena Smolak
Synlab’s management and supervisory boards remain neutral on whether to accept or decline a takeover offer of 2.22 billion euros ($2.36 billion) made by Cinven.
The German medical-diagnostic company said late Thursday that its management and supervisory boards don’t consider the EUR10 a share price offered by the U.K. private-equity firm to reflect its long-term value, but see the proposal as a potentially attractive exit opportunity for short-term oriented or risk-averse investors.
However, the boards view positively Cinven’s support for Synlab’s long-term strategy, the company said.
The joint statement from Synlab’s boards came after what the company called a thorough evaluation of the offer, but was in line with their initial assessment when the bid was disclosed on Sept. 29.
Cinven first expressed interest in taking full ownership of the company’s shares in March, already holding 43% of Synlab’s share capital.
The acceptance period for the offer started Oct. 23 and remains open until Nov. 20, Synlab said.
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